Company's investments in Greater Salt Lake City now total $139
million, including 816 multifamily units and more than 325,000 sf of
retail
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--May. 1, 2013--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced the acquisition of Foothill
Place, a 450-unit apartment community in Salt Lake City, Utah. The
acquisition brings the company’s total investment in the area to $139
million, including 816 multifamily units and 325,832 square feet of
retail properties.
William McMorrow, chairman and CEO of Kennedy Wilson, commented, “Salt
Lake City is a great market for the company to invest in because it’s
one of the few metro areas in the country where employment is now
exceeding pre-recession levels. Also, the area’s population is
increasing at about 1.7% per year, so we’re confident in the opportunity
for further growth there. In fact, average apartment rental rates have
risen approximately 4% year over year while vacancy has dropped to about
5%.”
The company purchased Foothill Place for $61.8 million, investing $15
million of equity in the transaction and financing the purchase with a
$49.7 million, 10-year Freddie Mac loan at 3.58%, fixed, through
Berkeley Point.
“This asset is our second multifamily acquisition in the Salt Lake City
area in the last six months, where we purchased Sandpiper Apartments in
November of last year,” said Bob Hart, president of KW Multifamily
Management Group. “Foothill and Sandpiper are excellent examples of
Kennedy Wilson’s value-add repositioning strategy in markets that have
stable job growth with high rental demand.”
Foothill Place is located in East Valley, close to the University of
Utah and to Park City. The property, built in 1974, consists of 10 two-
and three-story buildings situated on 18 acres. Amenities include two
swimming pools, a volleyball court, dog park, rock climbing boulder and
a clubhouse/leasing center with fitness center. Kennedy Wilson
plans to add washers and dryers in addition to renovating the majority
of the units and adding selected upgrades to the property’s common areas.
Kennedy Wilson, together with its institutional partners, has acquired
$1.1 billion of real estate and real estate related debt since the
beginning of this year. This total includes 1,253 apartment units in the
Western U.S., 1.1 million square feet of commercial assets in the
Western U.S. and in the U.K. and $770 million in unpaid principal
balance of loans secured by real estate, primarily in the U.K. The
company’s multifamily portfolio in the U.S., Ireland and Japan now
totals 15,402 units.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain and Japan. The company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
VP of Corporate Communication
310-887-6294
[email protected]
www.kennedywilson.com