BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Nov. 30, 2012--
International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced the acquisition of
Sandpiper Apartments, a 366-unit multifamily community in Holladay, a
suburb of Salt Lake City, Utah. The company purchased the property for
$43.5 million, investing $12 million of equity in the transaction and
assuming approximately $31.5 million of financing with Centerline
Financial at 4.9% with eight years remaining.
Bob Hart, president of KW Multifamily Management Group, said, “Holladay
is considered one of the most affluent communities in the Salt Lake
County MSA, and the property is in close proximity to major freeways,
the Downtown Central Business District, Salt Lake City International
Airport and Park City as well as some of the best schools and largest
employers in the area.”
The property, nestled in a prestigious residential neighborhood,
consists of 46 buildings on 36 acres and was completed in 1999. Kennedy
Wilson plans to reposition the property with more than $5 million of
renovations, including a new leasing facility, interior unit upgrades, a
new fitness center and landscaping enhancements.
Kennedy Wilson, together with its institutional partners, has acquired
approximately $6.8 billion of real estate and real estate related debt
since the beginning of 2010. The company’s multifamily portfolio in the
U.S., Ireland and Japan totals 14,613 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