BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson (NYSE:KW) has bought Sombra del Oso, a wholly owned 344-unit apartment community in Albuquerque, New Mexico, for $65 million, excluding closing costs. Kennedy Wilson invested $28 million of equity using proceeds generated from recent asset sales and secured a 10-year loan of $39 million at a fixed-rate of 2.85%.
The buy comes on the heels of several large apartment transactions across the Western U.S. that have added more than 2,000 units to Kennedy Wilson s growing portfolio in the last six months, with a focus on recycling capital into high-quality properties located in high-growth markets.
We first entered the Albuquerque multifamily market in 2019 to establish a foothold in a region that offers relative affordability, a strong job market and a fantastic lifestyle for residents, and we are pleased to build on our presence with the acquisition of Sombra del Oso, said Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson s multifamily division. We are encouraged by the region s resilience this past year and believe there is significant upside in local multifamily as investment continues to flood into the area and residents seek out high quality rental opportunities.
Sombra del Oso is a two-tale, garden-style community that sits on 16 acres in the Westside of Albuquerque, six miles from Downtown and surrounded by a variety of shopping and restaurants. The property is currently expected to add approximately $3 million of initial annual net operating income upon acquisition, which is projected to grow as Kennedy Wilson plans to invest approximately $7 million to upgrade unit interiors as well as amenities and common areas on site.
The acquisition of Sombra del Oso contributes to a dramatic increase in recent transaction activity at Kennedy Wilson as well as an expansion of its multifamily portfolio, which has grown from 30,000 units at year-end 2020 to over 32,000 units at the close of Q2 2021. Sombra del Oso is Kennedy Wilson s second multifamily acquisition in the Albuquerque market, following the buy of Skystone in 2019.

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RALEIGH, NC – Located just four miles north of Myrtle Beach, SC, home to gorgeous beaches, award-winning restaurants, and highly-touted golf courses, The Banks at Bridgewater will offer sophisticated apartments starting in late 2021.
Infusing daily life with a dose of vacation, The Banks at Bridgewater features floor-to-ceiling windows, granite countertops, hardwood floors, spacious kitchen islands, balconies with incredible views, large walk-in closets, luxury bathrooms, a washer and dryer in every home, and more. Living at The Banks at Bridgewater allows you to step outside and soak in the vacation vibes while enjoying the saltwater pool and sun-deck with available sound systems, private workspaces, and valet trash pickup.
Drucker + Falk (DF), with deep roots in multifamily management, is a performance-driven real estate service and investment firm among the most respected property management and commercial real estate companies in the country. DF has once again joined forces with NC-based developer, Craig Davis Properties (CDP) to bring yet another stunning apartment community to market, having first worked with CDP on Lumen Apartments, Hampton, Virginia s premiere luxury apartment community. With over three decades of experience, the teams at CDP effortlessly combine state-of-the-art concepts with state-of-the-market opportunities to make unique environments for all who live, work, and play in the community.
For The Banks at Bridgewater s development, DF and CDP have worked together on multiple levels – consulting, design, development, and lending one another expertise and experience in the fields of multifamily development and management and in new construction.
DF Managing Director and Principal, Kellie Falk, says With more than ten decades of experience under our belts collectively, the teams at CDP effortlessly combine their forward-thinking thoughts and state-of-the-art concepts with our thoughts for management and development. All of us at Drucker + Falk are looking forward to more projects to come with Craig Davis Properties.

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SAN JOSE, CA – Urban Catalyst, Silicon Valley’s Leading Opportunity Zone Fund, announced it has closed on the final parcels of property for its Delmas Senior Living project, the first senior living project to be built in downtown San Jose in decades.
The Delmas Senior Living center will cater to the rapidly growing Silver Wave of aging baby boomers. What sets the project apart is the abundant on-site amenities as well as the simple access to downtown San Jose. The amenities include a fitness center to help residents stay in shape, a hair salon so they can look their best, and private dining and meeting rooms to connect with family and friends. The center s location near downtown will place residents close to the city s museums, theaters and restaurants.
The six-tale, 175,000-square-foot Delmas Senior Living will feature a mix of studios and one- and two-bedroom helped-living units, along with memory care studios. It will house 165 units—49 of them dedicated memory care units—and a robust set of amenities, including a full commercial kitchen, dining area, bistro, fitness center, hair salon, digital cafe, nurses center, and a rooftop bar/sky lounge. Delmas, located in Downtown West at 470 W. San Carlos St., is in its final rounds of comments with the City of San Jose s building and public works departments. Groundbreaking is expected in Q3.
I am excited to see Delmas Senior Living project moving forward so quickly, and I look forward to the groundbreaking for this much-needed facility in the coming months, said Erik Hayden, Founder and CEO of Urban Catalyst. This acquisition marks a key milestone for our Fund 1 portfolio and an vital step in our downtown revitalization efforts.
This acquisition represents the final parcels needed for all ground-up projects in Urban Catalyst s Opportunity Fund I, which closed Dec. 30 with $131 million in investments. Other projects include mixed-use office, multifamily residential, hospitality and student housing.
The acquisition also comes just weeks after Urban Catalyst went forward on its Keystone @ Downtown West project, submitting its building permit application to build an extended-stay Marriott hotel at 491 W. San Carlos St. The eight-tale, 185,000-square-foot extended-stay Marriott TownePlace Suites hotel will be a small walk from Google s Downtown West mega-campus. Extended stay hotels fared better during the pandemic than any other type of hotel, according to industry studies.
Delmas Living Center not only meets the demand in our local market for senior-helped and memory care facilities but offers an exclusive setting in one of the most dynamic neighborhoods in the city, said Josh Burroughs, Partner and Chief Operating Officer at Urban Catalyst. Residents will have simple access to the city s medical, cultural, and entertainment offerings for the highest quality of living in this space.
The project was designed by local architect Thang Do of Aedis Architects in coordination with senior facility specialist Lenity Architecture. The Type-1 all concrete building offers a higher construction quality and safety factor.
“As a fully-licensed Senior Care Community, Delmas Senior Living will accommodate residents with independent active lifestyles, helped living needs and memory care services, said Jason Reyes, CEO of Calson Management, the community operator. The central location of this facility is a win-win for both the residents and their families.

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