Kennedy Wilson Acquires 179-Unit Apartment Community in Portland for $60 Million
Pacific Northwest presence grows to over 11,000 units as company
recycles proceeds from sale of No. Cal investment
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy Wilson (NYSE:KW) (“KW”)
has acquired Savier Street Flats, a wholly-owned 179-unit apartment
community in Portland’s Northwest neighborhood for $60 million. KW
invested $27 million of equity, and assumed an eight-year loan of $33
million at a fixed-rate of 3.5%. The purchase comes on the heels of
several large KW apartment acquisitions in the Portland area and
reflects a continued focus on recycling capital into high-quality
properties located in high growth markets.
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Kennedy Wilson Acquires Savier Street Flats in Portland, Oregon (Photo: Business Wire)
“Portland has established itself as one of the fastest growing apartment
markets in the United States, and we are pleased to expand Kennedy
Wilson’s presence into a region that is forecasted to continue its
upward trajectory,” said Shem Streeter, Managing Director at KW. “With
its relatively low cost of doing business, high quality of living and
highly educated population, Portland has become one of the country’s
strongest economies anchored by high tech growth. Like many of the major
urban markets along the West Coast, all signs point to an increased need
for well-located housing like what we are offering at Savier Street
Flats.”
Savier Street Flats was the final acquisition utilizing the 1031
exchange proceeds generated from the recent sale of Summer House, a
wholly owned 615-unit apartment community in Alameda, CA. Constructed in
2013, Savier Street Flats is 47 years newer than Summer House, provides
walkable access to the city’s best dining and retailers as well as
proximity to major local employers, and features modern amenities while
also incorporating the historic character of the surrounding
neighborhood.
The LEED Platinum-certified Savier Street Flats includes a mix of
studio, one, and two-bedroom units ranging from 553 square feet to 1,062
square feet across two mid-rise buildings. The community includes a
fitness center, indoor and outdoor resident lounges, a pet spa, a bike
wash and repair station and controlled access parking for vehicles and
bikes. On the ground floor, residents have access to two retailers -
Abbey Bar and Bottleshop and ZoomCare, a prominent health services
provider. Kennedy Wilson plans to invest up to $2 million to further
enhance the amenities and common areas on site, as well as the leasing
office, property signage and branding.
The acquisition of Savier Street Flats is the third significant purchase
for KW in the Portland region in recent months. KW secured Heatherwood
Apartments in Gresham, Oregon, for $51 million in October 2017 with
plans to invest another $5 million in the property over the next several
years. In September 2017, the company acquired the Latitude apartments
in Happy Valley, Oregon, for $58 million.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and commercial
properties located in the Western U.S., UK, Ireland, Spain, Italy and
Japan. To complement our investment business, the Company also provides
real estate services primarily to financial services clients. 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

View source version on businesswire.com: http://www.businesswire.com/news/home/20171214005289/en/
Kennedy Wilson
Investors
Daven Bhavsar, CFA
Director
of Investor Relations
+1 (310) 887-3431
[email protected]
or
Media
Emily
Heidt
Director of Public Relations
+1 (310) 887-3499
[email protected]
Source: Kennedy Wilson