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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