HOLLADAY, UT-Kennedy Wilson has acquiredSandpiper Apartments, a 366-unitmultifamily community here, for $43.5 million. Thefirm has not released the name of the seller, but industry sourcesunrelated to the deal report that the seller was DiNapoliCapital.
The new owner invested $12 million of equity in the transactionand has financed $31.5 million with CenterlineFinancial at 4.9% with eight years remaining. According toKennedy Wilson, the property, completed in 1999, is located in aprestigious residential neighborhood in this Salt Lake City suburband consists of 46 buildings on 36 acres.
The firm plans to reposition the property with more than $5million of renovations including a new leasing facility,interior-unit upgrades, a new fitness center and landscapingenhancements.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
