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June 16, 2019
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Kennedy Wilson Closes $49 Mil Res Buy in Utah

12/10/18

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 Backcountry.com, 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.






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