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7/22/21
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In a recent New Mexico multifamily buy, Kennedy Wilson purchased Sombra del Oso, a 344-unit apartment community in Albuquerque, for $65 mil ($189k/unit), excluding closing costs. Kennedy Wilson invested $28 mil of equity using proceeds generated from recent asset sales and secured a 10-year loan of $39 mil at a fixed-rate of 2.85%.
Sombra del Oso is a two-story, garden-style community that sits on 16 acres in the Westside of Albuquerque, six miles from Downtown and surrounded by a variety of shopping and restaurants. The property is currently expected to add approximately $3 mil of initial annual net operating income upon acquisition, which is projected to grow as Kennedy Wilson plans to invest approximately $7 mil to upgrade unit interiors as well as amenities and common areas on site.
Sombra del Oso is Kennedy Wilson’s second multifamily acquisition in the Albuquerque market, following the purchase of Skystone in 2019. The firm’s multifamily portfolio has grown from 30,000 units at year-end 2020 to over 32,000 units at the close of Q2 2021.
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