Kennedy Wilson Buys $342M Multifamily Portfolio
The five-property multifamily portfolio is located throughout the West Coast and traded hands in an off-market transaction.
Kennedy Wilson has acquired a five-property multifamily portfolio for $342 million in an off-market transaction. The five properties are located in Washington, Oregon, Colorado, Nevada and New Mexico.
The five-property portfolio contributes 1,008 units to Kennedy Wilson’s 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 Wilson’s Pacific Northwest portfolio, which now totals approximately 11,700 units, including units under development. The acquisition builds on the company’s total multifamily portfolio of 29,500 units, including properties under construction.
The five properties were purchased by various investment vehicles managed by Kennedy Wilson, which invested $122 million in equity in the properties.