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Kennedy Wilson buys multifamily portfolio in $342M deal

Kennedy Wilson Holdings Inc. bought five multifamily communities for $342 million in an off-market deal through various investment vehicles managed by the company.

The properties, totaling 1,008 units, are in Washington, Oregon, Colorado, Nevada and New Mexico.

Kennedy Wilson said it has an average ownership of 38% in the assets. The company and its equity partners invested $122 million of equity in the portfolio and are planning enhancements of amenities and updating unit interiors.

The deal expands the company's multifamily portfolio in rapidly growing western U.S. markets.