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Kennedy Wilson buys 2 Utah multifamily assets for $93M

Real estate operator and manager Kennedy-Wilson Holdings Inc. acquired the 492-unit Santa Fe Apartments multifamily community in Cottonwood Heights, Utah, for $79.5 million, and the 88-unit Creekview Apartments community in Midvale, Utah, for $13.0 million.

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Creekview Apartments in Midvale, Utah

Source: Business Wire

The company secured a 10-year, 3.9% fixed-rate loan of $59.1 million, and utilized $21.5 million of equity to fund the acquisition of the Santa Fe Apartments. For Creekview Apartments, it invested $4.8 million of equity and drew an $8.6 million interest-only loan, according to a release.

KW Holdings plans to spend $5.3 million on renovations and upgrades across the two properties.