BEVERLY HILLS, CA—Kennedy Wilson revealed that it has acquired 880 units across three multifamily properties in an off-market transaction for $198 million. The communities expand Kennedy Wilson's multifamily portfolio focused on institutional-quality, garden-style apartment properties in rapidly growing markets across the western United States.
According to a prepared statement, the company's value-add asset management plans include adding and enhancing amenities and updating unit interiors across the portfolio.
"We are pleased to close on these three high-quality, very well-located properties and to build on our multifamily portfolio that favors geographies with strong university and education systems as well as promising job growth opportunities," says Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson's multifamily division, in a prepared release. "We continue to be very optimistic about the Mountain State markets, where we have seen tremendous results since we began investing there a decade ago and where we foresee continued job and population growth over the long term. We are also excited to expand our presence into Tempe where the vibrant business community, relative affordability and lifestyle offerings will help support a strong multifamily market," Streeter adds.
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The assets were acquired by Kennedy Wilson and various investment vehicles managed by Kennedy Wilson. Rockrimmon, a wholly owned 260-unit community in Colorado Springs, Colorado was acquired for $66 million, representing a $28 million equity investment by Kennedy Wilson. The 220-unit RockVue community in Broomfield, Colorado and the 400-unit Tempe Station community in Tempe, Arizona are held in the company's co-investment portfolio and Kennedy Wilson has an average ownership of 10% across these two assets. In total, Kennedy Wilson and its equity partners invested $87 million of equity in the portfolio, including closing costs.
The new portfolio contributes 880 units to Kennedy Wilson's growing multifamily presence in the Mountain States, which now totals approximately 9,404 multifamily units, including units under development. The company has a total global multifamily portfolio of 30,870 units, including properties under construction.
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