KW Multifamily sheds $147M portfolio

Kennedy Wilson Multifamily Management Group, a West Coast apartment investor, on Monday announced it has sold four California apartment properties for a total of approximately $147 million.

In the most recent disposition, which closed on Nov. 5, Klingbeil Capital Management purchased the 200-unit Creekside Apartments at 1800 Stokes St. in San Jose for nearly $35.6 million.

A few weeks earlier, LeFever Mattson Inc. paid nearly $42.3 million to acquire the Windscape Village Apartments on North "L" Street in Lompoc. Windscape, the largest of KW Multifamily's recently sold apartment properties, contains 328 apartment homes.

In October, KW sold the 208-unit County Oaks Apartments in Santa Maria to LeFever Mattson for approximately $30.3 million, and sold the 256-unit Somerset on Garfield in Montebello to Advanced Real Estate Services Inc. for a price of nearly $39.3 million.

"Having effectively repositioned these assets and increased cash flow, we will re-invest the proceeds of these sales in other multifamily properties that meet our criteria of acquiring under-performing assets in urban markets," said Bob Hart, president and CEO of KW Multifamily, in a statement.

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