BEVERLY HILLS, CA – Kennedy Wilson announced that it has acquired 880 units in three apartment buildings in an off-market transaction for $ 198 million. The communities are expanding Kennedy Wilson's multi-family portfolio, which focuses on institutional-grade garden-style apartment properties in fast-growing western markets.
According to a prepared statement, the company's value-adding wealth management plans include adding and upgrading amenities, as well as updating the interiors of units across the portfolio.
"We are excited to close these three high quality, very well located properties and build on our multi-family portfolio that favors regions with strong university and educational systems and promising opportunities for job growth," said Shem Streeter, Senior Managing Director. who leads acquisitions for Kennedy Wilson's multi-family division in a prepared publication. “We remain very optimistic about the mountain country markets, where we've seen tremendous results since we started investing a decade ago and where we expect continued long-term employment and population growth. We are also excited to expand our presence to Tempe, where the vibrant business world, relative affordability and lifestyle offerings will help support a strong multi-family market, ”added Streeter.
The assets were acquired from Kennedy Wilson and various investment vehicles managed by Kennedy Wilson. Rockrimmon, a wholly owned 260 unit community in Colorado Springs, Colorado, was acquired for $ 66 million, equivalent to a $ 28 million stake from Kennedy Wilson. The 220-part RockVue community in Broomfield, Colorado and the 400-part Tempe Station community in Tempe, Arizona are part of the company's co-investment portfolio, and Kennedy Wilson holds an average stake of 10% in these two Assets. In total, Kennedy Wilson and his equity partners invested $ 87 million in the portfolio, including closing costs.
The new portfolio adds 880 units to Kennedy Wilson's growing multi-family presence in the mountain states, which now includes approximately 9,404 multi-family units, including units under development. The company has a global multi-family portfolio totaling 30,870 units, including properties under construction.
