BEVERLY HILLS, Calif.–(BUSINESS WIRE)–Global real estate investment firm Kennedy Wilson (NYSE: KW) and its partners have acquired in separate transactions Central Park Commons, a 180-unit garden-style apartment community in Meridian, Idaho ; Paceline, a 221-unit apartment community in Shoreline, Washington; and AYA ABQ, a 504-unit garden-style apartment community in Albuquerque, New Mexico, for a total of $264 million, excluding closing costs.
Kennedy Wilson holds an approximate 50% interest in these acquisitions, which were made as part of the company’s co-investment portfolio. Kennedy Wilson and partners have invested $149 million in equity, including $75 million by Kennedy Wilson and the properties are expected to add approximately $11 million in initial annual net operating income, including $6 million to Kennedy Wilson . Effective immediately, Kennedy Wilson will implement value-added asset management plans in all three communities, including renovating unit interiors, refreshing common areas and improving amenities.
“Central Park Commons, Paceline and AYA are ideal additions to our growing collection of properties that cater to residents seeking an outdoor-focused suburban lifestyle near the economic vibrancy of downtown Boise, Seattle and Albuquerque,” said Kurt Zech, president. of Kennedy Wilson’s multi-family division. “Identifying high-quality communities that offer relative accessibility in booming markets is a hallmark of Kennedy Wilson’s West Coast multi-family investment process, and we are excited to build on this strategy while creating additional value and expanding our presence in these key markets with the support of our strategic partners.
About Kennedy Wilson
Kennedy Wilson (NYSE: KW) is a leading global real estate investment firm. We own, operate and invest in real estate through our balance sheet and investment management platform. We focus on multi-family and office properties located in the Western United States, United Kingdom and Ireland. For more information on Kennedy Wilson, please visit: www.kennedywilson.com.
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