The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
November 15, 2019
 Search RENTV
 Video Programs
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

Printer-friendly Version   Email an Associate
Kennedy Wilson Closes $49 Mil Res Buy in Utah


Kennedy Wilson has acquired Alpine Meadows, a 222-unit wholly owned apartment community in the Salt Lake City region, for $49 mil, or $220.7k/unit.

Kennedy Wilson invested $20 mil of equity in Alpine Meadows, while also obtaining a 10-year, $29 mil loan at 4.28%. The property was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50% owned 260-unit apartment community in Vallejo, CA that was built a decade before Alpine Meadows.

Located just 15 miles from Downtown Salt Lake City, Alpine Meadows is a low-density, garden style, two-story walk-up apartment community with one-, two- and three-bedroom units in Sandy, UT. The area is home to major tech companies including Adobe, EMC2, Microsoft, eBay, Intel, Overstock and, as well as several local ski resorts and regional retail hubs.

Beginning immediately, Kennedy Wilson will implement a $3 mil upgrade to refresh both unit interiors and the propertyís common amenities that currently include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area.

The acquisition furthers Kennedy Wilsonís strategy of focusing investment activity in high-growth markets and reflects the companyís continued confidence in the Salt Lake City market. Kennedy Wilsonís multifamily portfolio has grown to 2,387 units in Salt Lake City, including Foothill Place, Sandpiper Apartments, Santa Fe Apartments and Cottonwood Heights, since first investing in the region in 2012.

Return to the Archive 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 © 2019 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media