The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
December 15, 2017
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Kennedy Wilson Completes $304 Mil in Sales

11/17/17

Global real estate investment company Kennedy Wilson (KW) recently collected $304 mil from the sales of two assets, one of which was a 615-unit apartment community in Alameda called Summer House. That property sold for $231 mil ($375k/unit), representing the largest multifamily transaction in the San Francisco Bay Area in 2017 and one of the largest single asset real estate transactions recorded in the East Bay.

The company also sold Gardner House, a 75.6k sf office building in Dublin, Ireland, that went for $73 mil ($965k/sf). The two sales together are expected to generate a profit to KW of approximately $130 mil in Q4.

KW will reinvest the proceeds from Summer House and Gardner House into four separate multifamily assets with a total of 996 units in the Pacific Northwest through 1031 exchanges. They will also pay down unsecured debt under KW s revolving credit facility.

The newly acquired multifamily properties, which are on average 40 years newer than Summer House, include Latitude, a 210-unit apartment community built in 2008 in Happy Valley, OR and Heatherwood, a 264-unit apartment community in Gresham, OR. The remaining two multifamily acquisitions include 522 units in the greater Seattle and Portland markets, and are expected to close before the end of 2017.

“These sales represent a significant step towards our capital recycling goals and ongoing efforts to upgrade the quality of our assets while creating more liquidity across KW s portfolio,” said William J. McMorrow, chairman and CEO of KW. “A key part of that strategy lies in our value-add capital and management initiatives. At Summer House, we increased NOI by 109% over seven years while the Bay Area was establishing itself as one of the highest growth job and real estate markets in the country.”

The disposition of Summer House is the second significant apartment sale for KW s multifamily group over the past several months. In July 2017, the company sold Rock Creek Landing in Kent, WA for $109 mil and used the proceeds to fund the acquisition of 90 East, a 573k sf office campus in Issaquah, WA. Within four months of taking ownership of 90 East, the Kennedy Wilson team negotiated a lease extension on 177k sf with Costco. The lease was extended an additional seven years beyond the existing term, securing long-term stability for this well-located office asset.




Return to the previous page


 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2017 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media