December 23, 2019
Beverly Hills, CA-based Kennedy Wilson acquired five multifamily properties in an off-market transaction with an undisclosed seller for $342 million. The assets were acquired by various investment vehicles managed by Kennedy Wilson.
The communities, located in Washington, Oregon, Colorado, Nevada and New Mexico, expand Kennedy Wilson’s multifamily portfolio by 1,457-units. The company holds an average ownership of 38% in the assets.
Kennedy Wilson’s Shem Streeter says, “This off-market opportunity to acquire a collection of well-located apartment communities is a great way to cap off a year that emphasized improving our multifamily portfolio to include high-quality, income-generating communities where we are adding substantial value.”
The additions boost Kennedy Wilson’s multifamily presence in the Mountain States by 1,008 units, as well as adds 449 units to its Pacific Northwest portfolio. The acquisition builds on the company’s total multifamily portfolio of 29,500 units, including properties under construction.
*Pictured Kennedy Wilson’s Riverwalk Eugene, OR
For comments, questions or concerns, please contact Dennis Kaiser