Kennedy Wilson Acquires Western U.S. Multifamily Portfolio in Off-Market Transaction for $198 Million
2020年10月30日 - 7:00PM
ビジネスワイヤ(英語)
880-unit acquisition boosts company’s
multifamily presence in Mountain States
Kennedy Wilson (NYSE:KW) (“KW”) announced today the acquisition
of 880 units across three multifamily properties in an off-market
transaction for $198 million. The communities expand Kennedy
Wilson’s multifamily portfolio focused on institutional-quality,
garden-style apartment properties in rapidly growing markets across
the western United States. The company’s value-add asset management
plans include adding and enhancing amenities and updating unit
interiors across the portfolio.
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Tempe Station in Tempe, Arizona (Photo:
Business Wire)
“We are pleased to close on these three high-quality, very
well-located properties and to build on our multifamily portfolio
that favors geographies with strong university and education
systems as well as promising job growth opportunities,” said Senior
Managing Director Shem Streeter, who leads acquisitions for Kennedy
Wilson’s multifamily division. “We continue to be very optimistic
about the Mountain State markets, where we have seen tremendous
results since we began investing there a decade ago and where we
foresee continued job and population growth over the long term. We
are also excited to expand our presence into Tempe where the
vibrant business community, relative affordability and lifestyle
offerings will help support a strong multifamily market.”
The assets were acquired by Kennedy Wilson and various
investment vehicles managed by Kennedy Wilson. Rockrimmon, a wholly
owned 260-unit community in Colorado Springs, Colorado was acquired
for $66 million, representing a $28 million equity investment by
Kennedy Wilson. The 220-unit RockVue community in Broomfield,
Colorado and the 400-unit Tempe Station community in Tempe, Arizona
are held in the company’s co-investment portfolio and Kennedy
Wilson has an average ownership of 10% across these two assets. In
total, Kennedy Wilson and its equity partners invested $87 million
of equity in the portfolio, including closing costs.
The new portfolio contributes 880 units to Kennedy Wilson’s
growing multifamily presence in the Mountain States, which now
totals approximately 9,404 multifamily units, including units under
development. The company has a total global multifamily portfolio
of 30,870 units, including properties under construction.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a leading global real estate
investment company. We own, operate, and invest in real estate
through our balance sheet and through our investment management
platform. We focus on multifamily and office properties located in
the Western U.S., U.K., and Ireland. For further information on
Kennedy Wilson, please visit: www.kennedywilson.com.
KW-IR
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts
are “forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates
that reflect our management’s current expectations, are based on
assumptions that may prove to be inaccurate and involve known and
unknown risks. Accordingly, our actual results or performance may
differ materially and adversely from the results or performance
expressed or implied by these forward-looking statements, including
for reasons that are beyond our control. Accordingly, you should
not unduly rely on these statements, which speak only as of the
date of this press release. We assume no duty to update the
forward-looking statements, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201030005102/en/
Investors Daven Bhavsar, CFA Vice President of Investor
Relations (310) 887-3431 dbhavsar@kennedywilson.com
Media Emily Heidt Director of Public Relations (310)
887-3499 eheidt@kennedywilson.com
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