Company increases multifamily portfolio to 10,786 units in the U.S.
and Japan, with an additional 492 units under contract
BEVERLY HILLS, Calif., Jan 14, 2011 (BUSINESS WIRE) --
International real estate investment and services firm Kennedy
Wilson(NYSE: KW) today announced that the company and its
partners have acquired Club Palisades, a 750-unit multifamily community
in Federal Way, WA. The property is the second largest multifamily asset
in the Seattle metro area and was purchased as an REO from a group of
insurance companies.
Kennedy Wilson capitalized the transaction with its partners, Fairfax
Financial, the LeFrak Organization and KW Property Fund III, along with
new financing of $46,750,000 through Fannie Mae.
"We are very pleased with this acquisition," commented Robert Hart,
president and CEO of KW Multifamily Management Group. "We were able to
purchase it significantly below replacement cost, and the property is
well positioned in the market. We believe that the Seattle metro area is
poised for significant rebound in rental rates as the local job markets
recover."
Kennedy Wilson plans to pursue a value-added rehab program and upgrade
many of the units to position Club Palisades for growth in the market.
The acquisition brings Kennedy Wilson's Seattle portfolio to seven
communities, comprised of 3,163 units. The company and its partners now
own 10,786 multifamily units across the U.S. and Japan, with an
additional 492 units currently under contract.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
21 offices in the U.S. and Japan. The company offers a comprehensive
array of real estate services including property and asset management,
brokerage and auction services, and construction and trust management.
Through its fund management and separate account businesses, Kennedy
Wilson is a strategic investor and manager of real estate investments in
the U.S. and Japan. For further information on Kennedy Wilson, please
visit www.kennedywilson.com.
SOURCE: Kennedy Wilson
Kennedy Wilson
Christina Cha
Marketing & Communications Manager
310-887-6294
[email protected]
www.kennedywilson.com