BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson has purchased three multifamily communities in three separate, off-market transactions totaling $418 million, excluding closing costs.
The wholly-owned properties total 1,110 units and include the Palms at Peccole Ranch in Las Vegas, NV; La Privada in Scottsdale, AZ; and San Miguel del Bosque in Albuquerque, NM.
Kennedy Wilson plans to immediately implement a $19 million value-add asset management plan, which will include renovating more than 65% of the existing units, refreshing common areas and enhancing amenities.
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The firm invested $255 million of total equity in the three communities, which are expected to generate $15 million of initial annual net operating income. The communities currently have a combined loss to lease of 15%.
The acquisition expands Kennedy Wilson's multifamily portfolio, which is focused on institutional-quality, garden-style apartments located in rapidly-growing Mountain West markets.
"We continue to be bullish on our outlook for the Mountain West, as renters explore new areas where their budgets stretch further and they can find an outdoor-oriented lifestyle in relative proximity to jobs, restaurants, and amenities of some exciting, established markets that still offer small-town quality of life," says Shem Streeter, senior managing director at Kennedy Wilson.
The firm's overall multifamily portfolio now totals 37,600 units, including properties under construction, and its Mountain West multifamily portfolio features 13,800 units, including units under development.
Streeter adds, "We are excited to bring these high-quality communities into our growing multifamily business as we continue upgrading the quality of our portfolio and focusing on markets that we believe have a long runway for growth."
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
