Kennedy Wilson Enters Bozeman, Montana Multifamily Market With Plans to Build 268 New Units
2021年7月6日 - 7:00PM
ビジネスワイヤ(英語)
Opportunity Zone development targets completion
in 2023
Global real estate investment company Kennedy Wilson (NYSE: KW)
is expanding its presence in the Mountain States through an
investment in an 11-acre Opportunity Zone site that will be
developed into a 268-unit garden-style community named The Oxbow in
Bozeman, Montana. Kennedy Wilson has committed $16 million to the
venture in exchange for a 51% ownership in the development
alongside equity and operating partner Roundhouse, a Boise-based
real estate investment management company.
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The Oxbow (Photo: Business Wire)
Construction is already underway on The Oxbow, which is expected
to reach completion in 2023. When complete, the new community will
offer ample amenities for residents while promoting access and
connection to the outdoors.
“Bozeman has emerged as one of the fastest growing cities in the
country over the last several years, and we are pleased to expand
Kennedy Wilson’s multifamily presence into a region that is primed
to continue its upward trajectory,” said Nick Bridges, Managing
Director at Kennedy Wilson, who oversees multifamily investments in
the region. “Entering the Bozeman multifamily market is a natural
next step for us as we continue our focus on acquisitions in
regions offering residents a high quality of life and a relatively
affordable cost of living - key factors that many individuals and
employers are seeking as work flexibility increases. The Oxbow will
provide the modern, amenity-rich lifestyle that outdoor-oriented
tenants demand.”
Plans for The Oxbow include a mix of one-, two-, and
three-bedroom apartments across a collection of low-rise buildings
with clean, mountain-modern designs that blend urban and natural
amenities. The community will feature a variety of amenities
including a coffee shop, a resort-style spa, fitness and yoga
studio, as well as a community kitchen, working spaces and a dog
wash station. The Oxbow is expected to contribute approximately
$2.4 million of annual net operating income to Kennedy Wilson upon
completion.
The acquisition comes on the heels of several large apartment
purchases by Kennedy Wilson in the Mountain States and reflects a
continued focus on recycling capital from dispositions into
high-quality multifamily properties in high-growth markets. The
Oxbow will add 268 units to Kennedy Wilson’s Mountain States
portfolio, which now totals over 10,000 market-rate and affordable
units, including those under development. The Oxbow also
contributes to the overall expansion of Kennedy Wilson’s
multifamily portfolio, which has grown from 30,000 units at
year-end 2020 to over 32,000 units at the close of Q2 2021.
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
our current estimates, expectations, forecasts, projections and
assumptions that may prove to be inaccurate and involve known and
unknown risks. Accordingly, our actual results, performance or
achievement, or industry results, may differ materially and
adversely from the results, performance or achievement, or industry
results, expressed or implied by these forward-looking statements,
including for reasons that are beyond our control. Some of the
forward-looking statements may be identified by words like
“believes”, “expects”, “anticipates”, “estimates”, “plans”,
“intends”, “projects”, “indicates“, “could”, “may” and similar
expressions. These statements are not guarantees of future
performance and involve a number of risks, uncertainties and
assumptions. 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/20210706005184/en/
Investors Daven Bhavsar, CFA Vice President of Investor
Relations (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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