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.