Source: Kennedy Wilson
BEVERLY HILLS, CA - Kennedy Wilson announced the acquisition of five multifamily properties in an off-market transaction for $342 million. The assets were acquired by various investment vehicles managed by Kennedy Wilson. The communities, located in Washington, Oregon, Colorado, Nevada and New Mexico, expand Kennedy Wilson’s multifamily portfolio focused on institutional-quality, garden-style apartments in rapidly growing markets in the western United States.
Kennedy Wilson has an average ownership of 38% in the assets.
“This off-market opportunity to acquire a collection of well-located apartment communities is a great way to cap off a year that emphasized improving our multifamily portfolio to include high-quality, income-generating communities where we are adding substantial value,” said Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson’s U.S. multifamily division. “We are confident in the underlying demographics and economic fundamentals of these markets, and we are especially pleased to continue growing our presence across the Mountain States region.”
Kennedy Wilson and its equity partners invested $122 million of equity in the portfolio, including closing costs. Kennedy Wilson’s asset management plan includes adding and enhancing amenities and updating unit interiors across the portfolio.
The five-property portfolio contributes 1,008 units to Kennedy Wilson’s growing multifamily presence in the Mountain States, which now totals approximately 8,300 multifamily units, including units under development. The portfolio also adds 449 units to Kennedy Wilson’s Pacific Northwest portfolio, which now totals approximately 11,700 units, including units under development. The acquisition builds on the company’s total multifamily portfolio of 29,500 units, including properties under construction.