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Kennedy Wilson has expanded its Denver apartment portfolio with the purchase of Griffis Marston Lake, a 332-unit apartment complex, for $134 million. The purchase brings the firm’s total multifamily portfolio to 32,000 units.

Kennedy Wilson purchased the property with $62 million of equity and a 10-year, $76 million loan at a fixed-rate of 2.7%. The $134 million purchase price does not include closing costs. The firm also plans to invest an additional $6 million to upgrade the interiors and common area amenities. Immediately following the transaction, the property is expected to add $5 million of initial net operating income.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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