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3/03/22
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Kennedy Wilson has acquired three multifamily communities with its investment partners in transactions totaling $264 mil. The purchases are of: Central Park Commons, a 180-unit garden-style apartment community in Meridian, ID; Paceline, a 221-unit apartment community in Shoreline, WA; and AYA ABQ, a 504-unit garden-style apartment community in Albuquerque, NM.
Kennedy Wilson has a roughly 50% stake in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 mil of total equity, including $75 mil by Kennedy Wilson. The properties are expected to add approximately $11 mil of initial annual net operating income, including $6 mil to Kennedy Wilson. Beginning immediately, Kennedy Wilson will implement value-add asset management plans at the three communities, including renovating unit interiors, refreshing common areas and enhancing amenities.
“Central Park Commons, Paceline and AYA are ideal additions to our growing collection of properties that cater to residents seeking a suburban, outdoor-oriented lifestyle within close range of the economic vibrancy of downtown Boise, Seattle and Albuquerque,” said Kurt Zech, President of Kennedy Wilson’s multifamily division.
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