Kennedy Wilson Acquires 222-Unit Multifamily Property in Salt Lake City, Utah, for $49 Million
Company recycles $20 million profit from sale of Northern
California apartment community
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy Wilson (NYSE:KW) has
acquired Alpine Meadows, a 222-unit wholly owned apartment community in
the Salt Lake City, Utah region, for $49 million.
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Alpine Meadows in Salt Lake City, Utah (Photo: Business Wire)
Kennedy Wilson invested $20 million of equity in Alpine Meadows with a
corresponding 10-year, $29 million loan at 4.28%. The property was
acquired through a 1031 exchange with profits generated from the recent
sale of Bay Village, a 50% owned 260-unit apartment community in
Vallejo, California, that was built a decade before Alpine Meadows.
Since 2010, Kennedy Wilson increased net operating income at Bay Village
by 121%, resulting in gain on sale of $20 million to Kennedy Wilson.
“Salt Lake City is experiencing some of the most significant population
and wage growth in the country as well as a boom in commercial and
infrastructure development that is fueling local investment activity,”
said Shem Streeter, Managing Director at Kennedy Wilson. “We see a
compelling opportunity to add value to Alpine Meadows and to bring it in
line with Salt Lake City’s high-quality housing options that appeal to
employees in the ‘Silicon Slopes,’ students, and many others who are
moving to the region for lifestyle reasons.”
Located just 15 miles from Downtown Salt Lake City, Alpine Meadows is a
low-density, garden style, two-story walk-up apartment community with
one-, two- and three-bedroom units in Sandy, Utah. The area is home to
major tech companies including Adobe, EMC2, Microsoft, eBay, Intel,
Overstock and Backcountry.com, as well as several local ski resorts and
regional retail hubs.
Beginning immediately, Kennedy Wilson will implement a $3 million
upgrade to refresh both unit interiors and the property’s common
amenities that currently include a clubhouse, fitness center, business
center, dog park, basketball court, playground and barbecue area.
The acquisition furthers Kennedy Wilson’s strategy of focusing
investment activity in high-growth markets and reflects the company’s
continued confidence in the Salt Lake City market. Kennedy Wilson’s
multifamily portfolio has grown to 2,387 units in Salt Lake City,
including Foothill Place, Sandpiper Apartments, Santa Fe Apartments and
Cottonwood Heights, since first investing in the region in 2012.
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 office
properties located in the Western U.S., UK, 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

View source version on businesswire.com: https://www.businesswire.com/news/home/20181203005087/en/
Investors
Daven Bhavsar, CFA
Director of Investor
Relations
+1 (310) 887-3431
[email protected]
Media
Emily Heidt
Director of Public Relations
+1
(310) 887-3499
[email protected]
Source: Kennedy Wilson