CASE STUDY DETAILS
- San Jose, CA
360 Residences was completed in 2010 as a 213-unit luxury condominium project in the heart of San Jose, CA, in close proximity to downtown offices, restaurants and retail. The project consists of condominium, townhouse and penthouse units ranging from one bedroom/one bath to three bedroom/three bath units. The large unit sizes, in conjunction with floor to ceiling window lines, afford sweeping city and mountain views. Residential amenities include indoor parking, a concierge doorman, fitness center, outdoor pool and a private landscaped outdoor garden and terrace. The combination of unit features and amenities make 360 Residences one of the highest quality residential projects in today’s market. Additionally, 360 Residences includes approximately 11,000 square feet of street level retail space that serves the project and surrounding residences.
Although a significant number of the units were in escrow during the construction period, those sales fell out as the condominium market softened, resulting in the debt on the asset going into default. When the defaulted senior debt on the project became available in the market, Kennedy Wilson, with its experience in debt restructuring, condominium sales and multifamily asset management, purchased the debt and converted the asset into fee ownership through foreclosure. The company brought 360 Residences back to the market as a high end multifamily project, increasing occupancy to 97% within ten months, and then sold the property in April 2012.