By Jon Peterson
Los Angeles-based Kennedy Wilson is going through an expansion mode in Northern California with an effort to grow its team focusing on apartment properties. The real estate investment company has hired Kendrick Askew as a manager director for its operation in the region.
“We were looking to increase our acquisition efforts in Northern California, and we felt that Kendrick would be a good fit for us in the purchase of apartment properties in the region,” says Kurt Zech, president of Kennedy Wilson Multifamily Investments. He works out of the company’s regional office in San Francisco.
Askew will be working out of an executive suite office in Campbell. He would be looking to acquire apartment complexes across Northern California. This would include assets in markets like the South Bay, San Francisco, the East Bay and Sacramento.
Askew has joined Kennedy Wilson from Palo Alto-based Pacific Urban Residential. He was a vice president at the company and was employed there for the past three years. Du
ring his time there he worked on transactions in the Northern California region that totaled around $475 million for the acquisition of apartment complexes.
Kennedy Wilson is currently in the market buying apartments and office buildings for its commingled fund that it closed earlier this year, Kennedy Wilson Real Estate Fund V. The total capital raise for the fund was $500 million, and it was concluded in February. The investment fund looks to buy properties in the western region. The farthest east it would go would be Denver.
“We have now been able to invest or commit around 50 percent of the equity that we raised for fund V. We are hopeful of being able to be at the 80 percent level by the end of the year,” said Zech.