Summer House

Location
Alameda, CA
Property Type
Mixed-Use
Multifamily Units
615

Summer House Story

Kennedy Wilson first purchased the property with a syndicate of investors in 2005, at which time the property was 100% vacant and in serious disrepair. The company then successfully executed a complete property renovation and repositioning program at the cost of $30 million. After leasing the property to stabilization, Kennedy Wilson sold its interest in the property to one of its equity partners in 2007. In 2010, the opportunity arose to repurchase the asset off-market while assuming and restructuring the existing loan.

Originally built in 1965 with wood framing and stucco exteriors, Summer House offers classic Cape Cod architectural elements and expansive interiors to complement the area’s charming Victorian homes and tree-lined streets.

Since its initial investment, Kennedy Wilson successfully executed its value-add asset management program that delivered a full exterior redesign with new siding, balconies, and new windows, upgraded infrastructure and renovated all unit interiors to a consistent finish.

  • Baggot Plaza
    Baggot Plaza View
  • Central Park
    Vantage, Central Park View
  • Buckingham Palace Road
    111 Buckingham Palace Rd View
  • Photo of Shelbourne
    Shelbourne Hotel View
  • Photo of Clancy Quay at night
    Clancy Quay View
  • Photo of Capital Dock
    Capital Dock View
  • Photo of Kohanaiki
    Kohanaiki View
  • Photo of Harrington Square
    Harrington Square View
  • Photo of 150 S El Camino
    150 S El Camino View
  • Photo of Ritz-Carlton, Lake Tahoe
    Ritz-Carlton View
  • Photo of Alliance
    Alliance View
  • Photo of Merritt on 3rd
    Merritt on 3rd View