Pacific Housing Among Buyers of $225 Million Apartments

A group of California real estate firms have gone in together to purchase a sprawling apartment complex in the East Bay.

An affiliate controlled by Beverly Hills-based Kennedy Wilson and Sacramento-based Pacific Housing has bought Bella Vista at Hilltop, an apartment campus in Richmond, for $225 million, The Mercury News reported. The complex consists of 1,008 units, some set aside for affordable housing, in dozens of three-story buildings.

Before the purchase, a different affiliate controlled by Kennedy Wilson was the principal owner of the apartment complex. The latest transaction, confirmed in documents filed July 7 with the Contra Costa County Recorder’s Office, creates a new ownership group that now includes Pacific Housing, which develops, owns and manages affordable residential properties. It’s unclear what level of income restrictions are in place for the property or how many units have income limits.

Bella Vista boasts amenities such as four resort-style swimming pools, lighted tennis courts, professional business center, and a state-of-the-art fitness and cardio center, according to its website. One-bedroom, one-bathroom units start at $1,883 per month; two-bedroom, one-bathroom units start at $2,278, and two-bedroom, two-bath units start at $2,417.

Kennedy Wilson’s portfolio contains six other Northern California properties in addition to Bella Vista, including the Agave Apartments in Elk Grove; Hamilton Landing in Novato; Highland by Vintage in Roseville; Kirker Creek in Pittsburg; Vintage at Bennett Valley in Santa Rosa; and Vintage at Napa in Napa.

Near Bella Vista, Pacific Housing owns properties like Legacy at Sonoma in Vallejo; Bay Vista at Meadow Park Apartments in Novato; Del Norte Place Apartments in Cerrito; 40th Street Apartments in Oakland; Redwood Crest Apartments in Oakland; Coliseum Connections in Oakland; and Ridgeway Apartments in Sausalito. Its only development in San Francisco is the Ventana Residences in Balboa Park. Pacific Housing has 150 communities across California, with a majority concentrated in Northern California.

— Chris Malone Méndez