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Kennedy Wilson Spends $49M for Salt Lake City-Area Multifamily

Beverly Hills, CA-based Kennedy Wilson invested $20 million of equity in Alpine Meadows with a corresponding 10-year, $29 million loan at 4.28%.

Alpine Meadows is a 222-unit multifamily property in Sandy, UT. Alpine Meadows is a 222-unit multifamily property in Sandy, UT.

SANDY, UT—Kennedy Wilson has acquired Alpine Meadows, a 222-unit wholly owned apartment community in the Salt Lake City region, in a deal valued at $49 million. The deal increases the firm’s portfolio in Salt Lake City to nearly 2,400 units.

Beverly Hills, CA-based Kennedy Wilson invested $20 million of equity in Alpine Meadows with a corresponding 10-year, $29 million loan at 4.28%. The property was acquired through a 1031 exchange with profits generated from the sale of Bay Village, a 50% owned 260-unit apartment community in Vallejo, CA, that was built a decade before Alpine Meadows.  Kennedy Wilson announced the sale of Bay Village late last month.

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John Jordan

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.

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