BEVERLY HILLS, CALIF. — Kennedy Wilson, in a joint venture with its sponsored funds KW Property Fund II and KW Property Fund III, has acquired 6100 Wilshire in Beverly Hills.
The 213,961-square-foot, 16-story office building is located on the southwest corner of Wilshire and Fairfax, and is adjacent to the Broad Contemporary Museum and Peterson Automotive Museum. Built in 1986, the building has full height, floor-to-ceiling glass bay windows and usable balconies.
The property is currently 85 percent occupied and tenants include CBS, Ovation, World Link, Fulfillment Fund, Idea Asylum and City National Bank.
General Electric Capital Corp. provided financing for the transaction.
Additionally, Kennedy Wilson Multifamily Management Group (KW Multifamily) has acquired Avalon Redmond and Indigo Springs, two multifamily properties in Washington.
Avalon Redmond is a 400-unit property located in Redmond and was acquired from Avalon Bay for $81.25 million. It consists of 71 two and three-story buildings situated on 24 acres. The community offers a mix of one-, two-, and three-bedroom units ranging from 710 to 1,488 square feet. Amenities include a swimming pool, two saunas, a fitness center, and indoor spa, two tennis courts and a cyber café. A $4.5 million renovation is planned for the property.
“After making a concerted effort to identify well-located properties in high job-growth submarkets, we were led to this extraordinary asset in Microsoft’s backyard,” said Eddie Ring, senior managing director of KW Multifamily. While Avalon Bay did a great job under its ownership, we see tremendous upside in the property and are confident in our ability to bring significant investment yield to our partners,” Ring added.
Indigo Springs is a 278-unit property bordering the cities of Renton and Kent and was acquired from Equity Residential for $36 million. It consists of 25 garden-style buildings and is situated on 24 acres of native wetlands and mature trees. The community offers a mix of one-, two-, and three-bedroom units ranging from 750 to 1,130 square feet. Amenities include a clubhouse, a fitness center, an outdoor swimming pool and spa, a basketball court and a children’s play area. A $3.3 million renovation is planned for the property.
“Because Indigo Springs never received any significant refurbishments, its rents are lagging behind those of comparable properties that have been recently renovated,” Ring said.