December 6, 2018
Beverly Hills-based Kennedy Wilson acquired Alpine Meadows, a 222-unit apartment community in the Salt Lake City region, for $49 million. The low-density, garden style, two-story walk-up apartment community is located 15 miles from downtown Salt Lake City in Sandy, UT.
Kennedy Wilson invested $20 million of equity in Alpine Meadows, with a corresponding 10-year, $29 million loan at 4.28%. The property was acquired through a 1031 exchange with profits generated from the sale of Bay Village, a 260-unit apartment community in Vallejo, CA, that was built a decade before Alpine Meadows.
Kennedy Wilson’s Shem Streeter says, “We see a compelling opportunity to add value to Alpine Meadows and to bring it in line with Salt Lake City’s high-quality housing options that appeal to employees in the ‘Silicon Slopes,’ students, and many others who are moving to the region for lifestyle reasons.”
Kennedy Wilson plans to implement a $3 million upgrade to refresh unit interiors and common amenities.
For comments, questions or concerns, please contact Dennis Kaiser