Source: Kennedy Wilson
BEVERLY HILLS, CA - Global real estate investment company Kennedy Wilson and its partners have acquired in separate transactions Central Park Commons, a 180-unit garden-style apartment community in Meridian, Idaho; Paceline, a 221-unit apartment community in Shoreline, Washington; and AYA ABQ, a 504-unit garden-style apartment community in Albuquerque, New Mexico for a total $264 million, excluding closing costs.
Kennedy Wilson has an approximate 50% ownership in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 million of total equity, including $75 million by Kennedy Wilson and the properties are expected to add approximately $11 million of initial annual net operating income, including $6 million to Kennedy Wilson.
Beginning immediately, Kennedy Wilson will implement value-add asset management plans at the three communities, including renovating unit interiors, refreshing common areas and enhancing amenities.
“Central Park Commons, Paceline and AYA are ideal additions to our growing collection of properties that cater to residents seeking a suburban, outdoor-oriented lifestyle within close range of the economic vibrancy of downtown Boise, Seattle and Albuquerque,” said Kurt Zech, President of Kennedy Wilson’s multifamily division. “Identifying high-quality communities that provide relative affordability in burgeoning markets is the hallmark of Kennedy Wilson’s West Coast multifamily investment process, and we are excited to build on that strategy while creating additional value and expanding our presence in these key markets with the support of our strategic partners.”