Kennedy Wilson Closes Off-market Acquisition of 344-unit Apartment Community in Albuquerque for $65 Million
2021年7月1日 - 7:00PM
ビジネスワイヤ(英語)
Company recycles proceeds from recent asset
sales to expand Western U.S. multifamily presence
Global real estate investment company Kennedy Wilson (NYSE:KW)
(“KW”) has acquired Sombra del Oso, a wholly owned 344-unit
apartment community in Albuquerque, New Mexico, for $65 million,
excluding closing costs. Kennedy Wilson invested $28 million of
equity using proceeds generated from recent asset sales and secured
a 10-year loan of $39 million at a fixed-rate of 2.85%.
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Sombra del Oso (Photo: Business Wire)
The purchase comes on the heels of several large apartment
transactions across the Western U.S. that have added more than
2,000 units to Kennedy Wilson’s growing portfolio in the last six
months, with a focus on recycling capital into high-quality
properties located in high-growth markets.
“We first entered the Albuquerque multifamily market in 2019 to
establish a foothold in a region that offers relative
affordability, a strong job market and a great lifestyle for
residents, and we are pleased to build on our presence with the
acquisition of Sombra del Oso,” said Senior Managing Director Shem
Streeter, who leads acquisitions for Kennedy Wilson’s multifamily
division. “We are encouraged by the region’s resilience this past
year and believe there is significant upside in local multifamily
as investment continues to flood into the area and residents seek
out high quality rental opportunities.”
Sombra del Oso is a two-story, garden-style community that sits
on 16 acres in the Westside of Albuquerque, six miles from Downtown
and surrounded by a variety of shopping and restaurants. The
property is currently expected to add approximately $3 million of
initial annual net operating income upon acquisition, which is
projected to grow as Kennedy Wilson plans to invest approximately
$7 million to upgrade unit interiors as well as amenities and
common areas on site.
The acquisition of Sombra del Oso contributes to a dramatic
increase in recent transaction activity at Kennedy Wilson as well
as an expansion of its multifamily portfolio, which has grown from
30,000 units at year-end 2020 to over 32,000 units at the close of
Q2 2021. Sombra del Oso is Kennedy Wilson’s second multifamily
acquisition in the Albuquerque market, following the purchase of
Skystone in 2019.
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.
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. For example, we may not be
able to maintain our current acquisition or disposition pace or
identify future properties to acquire on terms we consider
attractive, and our current property portfolio may not perform as
expected. 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.
KW-IR
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version on businesswire.com: https://www.businesswire.com/news/home/20210701005214/en/
Investors Daven Bhavsar, CFA Vice President of Investor
Relations +1 (310) 887-3431 dbhavsar@kennedywilson.com Media
Emily Heidt Director of Public Relations +1 (310) 887-3499
eheidt@kennedywilson.com
Kennedy Wilson (NYSE:KW)
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Kennedy Wilson (NYSE:KW)
過去 株価チャート
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