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Kennedy Wilson Boosts Multifamily Portfolio by over 1,000 Units

12/23/19

Kennedy Wilson acquired five multifamily properties totaling 1008 units in an off-market transaction with a total price of $342 mil ($339k/unit). 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 Wilsonís 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.

Kennedy Wilson and its equity partners invested $122 mil of equity in the portfolio, including closing costs. Kennedy Wilsonís 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 Wilsonís 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 Wilsonís Pacific Northwest portfolio, which now totals approximately 11,700 units, including units under development. The acquisition builds on the companyís total multifamily portfolio of 29,500 units, including properties under construction.

With these latest acquisitions, Kennedy Wilsonís growing multifamily presence in the Mountain States now totals approximately 8,300 multifamily units, including units under development. The portfolio also adds 449 units to Kennedy Wilsonís Pacific Northwest portfolio, which now totals approximately 11,700 units, including units under development. The acquisition builds on the companyís total multifamily portfolio of 29,500 units, including properties under construction.





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