Monday, May 14, 2012

Capitol Towers Sold for $64 million

Beverly Hills-based real estate investment firm Kennedy Wilson has purchased Capitol Towers, completed in 1960, downtown Sacramento complex that includes a 409-unit apartment tower and low-rise garden apartments.

The Southern California company and its partners bought the property at 1500 Seventh St., for $64 million, with $50 million in financing from HFF/Freddie Mac at 3.51 percent, fixed for seven years.
A partnership controlled by the Bond Cos., a nationally known developer with offices in Los Angeles and Chicago, bought Capitol Towers in June 2007. Property records show the partnership borrowed $43 million on the parcel the same day it changed hands.

Capitol Towers has 203 units in its 15-story tower and 206 villa units surrounding the tower. The villa portion is zoned for up to 1,290 units, and the tower features six ground-floor retail outlets.

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