Kennedy Wilson Acquires Five Multifamily Properties For $342 Mln - Quick Facts

(RTTNews) - Kennedy-Wilson Holdings, Inc. (KW) announced Friday the acquisition of five multifamily properties in an off-market transaction for $342 million. The assets were acquired by various investment vehicles managed by Kennedy Wilson, which has an average ownership of 38 percent in the assets.

The communities, located in Washington, Oregon, Colorado, Nevada and New Mexico, expand Kennedy Wilson's multifamily portfolio focused on institutional-quality, garden-style apartments in rapidly growing markets in the western United States.

The 1,457-unit transaction boosts the company's multifamily presence in Mountain States and Pacific Northwest. Kennedy Wilson and its equity partners invested $122 million of equity in the portfolio, including closing costs.

The five-property portfolio also contributes 449 units to Kennedy Wilson's Pacific Northwest portfolio, which now totals approximately 11,700 units. The acquisition builds on the company's total multifamily portfolio of 29,500 units, including properties under construction.