Source: Kennedy Wilson / #Apartments #Multifamily
BEVERLY HILLS, CA - Global real estate investment and services firm Kennedy Wilson announced that the Company and its equity partners purchased Villas at Homestead, a 312-unit apartment community located in Centennial, Colorado, for $56.75 million from DiNapoli Capital Partners. The Company and its equity partners invested an aggregate of $15.5 million of equity in the transaction (inclusive of closing costs) of which the Company’s initial share is approximately 13%. The Company and its equity partners also assumed debt of $33.0 million through Fannie Mae and secured a coterminous supplemental seven-year floating rate loan of approximately $10.1 million.
“This is our second multifamily acquisition in Denver, and KW continues to seek value-add opportunities in the region,” said Kurt Zech, President of Kennedy Wilson Multifamily. “Job growth in the technology, energy, and health-science sectors, combined with a focus on transit, makes Denver an attractive market for investment. Denver continues to show the fundamentals behind rent growth in key submarkets where new apartment supply is limited.”
Villas at Homestead is a high-quality residential community in the Homestead neighborhood of Centennial, five minutes from the Denver Tech Center (DTC) Business Corridor. Residents enjoy access to the adjacent Willow Spring Open Space, home to 158 acres of biking, running and walking trails. Cherry Creek State Park and Reservoir and Chatfield State Park are also located nearby and provide an array of activities such as hiking, boating, biking, fishing, camping and wildlife viewing. Fiddler’s Green Amphitheatre, which is about two miles to the east of the property, is an outdoor event venue with seating capacity for 17,000 people that hosts numerous concerts.
Kennedy Wilson’s global multifamily portfolio now totals 19,683 units, including 732 units in Greater Denver. Real estate related acquisitions by the company and its equity partners year-to-date total more than $2.6 billion, which includes approximately $2.0 billion acquired by Kennedy Wilson Europe Real Estate plc.