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MULTIFAMILY NEWS
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Kennedy Wilson Entity Pays $121 Mil for OR Res Community

12/27/21

Kennedy Wilson Fund VI (“Fund VI”), a commingled Western U.S. value-add fund managed by Kennedy Wilson, has acquired Arbor Heights, a 348-unit, garden-style apartment community in Tigard, OR, for $121 mil ($347.7k/unit).

Built in 1997, Arbor Heights is situated on 24.5 acres at 15199 SW Royalty Pkwy. The complex offers a mix of one-, two- and three-bedroom units. The community features a full collection of amenities including a clubhouse, fitness center, dog park, playground, and a resort-style pool.

Arbor Heights is located within Washington County, fewer than five minutes from the Pacific Highway, many restaurants and retailers, and within 30 minutes driving distance of Downtown Portland. The 1997-built community is set on a hillside with excellent views of the valley and proximity to many of Portland’s largest employers, including Nike, Columbia and Intel.

Beginning immediately, Kennedy Wilson plans to invest more than $4 mil to continue recent renovations onsite at Arbor Heights, updating the unit interiors, enhancing amenities and common spaces, renovating building exteriors and addressing deferred maintenance.

The property was sold by Security Properties, who acquired the asset for $81 mil in a joint venture with Cigna Investment Management back in December 2017.

The transaction is one of the final investments in Fund VI, which has acquired more than $1.8 bil in value-add multifamily, flex office/R&D, industrial, and other commercial investments across the Western United States. Following the acquisition of another Western U.S. multifamily property under contract to close, the fund will be fully invested. Kennedy Wilson has an 11% interest in Fund VI.





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