(EDITOR’S NOTE: According to public records, the property was sold by Sacramento-based Oakmont Properties. The 410-unit property traded for about $292,682 per unit. Previous estimates of sales price reported by The Registry in July of 2021 anticipated the asset would trade for around $110 million, or about $260,000 per unit.)
BEVERLY HILLS, Calif. – Kennedy Wilson Fund VI (“Fund VI”), a commingled fund managed by Kennedy Wilson, has acquired Autumn Ridge, a garden-style apartment community in Sacramento, California suburb Citrus Heights for $120 million. The community includes a robust collection of amenities including a clubhouse, fitness center, three resort-like pools, and several sport courts.
The Fund VI team plans to invest more than $9 million to renovate unit interiors, enhance amenities and common spaces throughout the community, update the exteriors of the site’s 29 buildings and address deferred maintenance.
“The Sacramento apartment market has experienced tremendous growth and we are eager to expand our presence in a such a compelling market. We believe Sacramento has a long runway for growth as renters continue to seek out more space, more affordable rents and easy access to jobs and the outdoors,” said Kennedy Wilson President Mary Ricks. “We look forward to bringing our proven value-add strategies and institutional-quality asset management expertise to Autumn Ridge and to providing high-quality rental housing opportunities for the Citrus Heights community on a large scale.”
Autumn Ridge is positioned near the intersection of Auburn Boulevard and Greenback Lane, providing residents with direct access to the Creekside Shopping Center and proximity to Interstate-80. Nearly 500,000 jobs are located within a 20-minute commute of the apartment community, including employment opportunities in Roseville and the Sacramento Urban Core.
Kennedy Wilson has an 11% interest in Fund VI, which targets value-add real estate opportunities in high growth markets across the Western United States and focuses on underperforming real estate that should benefit from a significant repositioning or renovation through Kennedy Wilson’s asset management program.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We own, operate, and invest in real estate through our balance sheet and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., U.K., and Ireland.