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Kennedy Wilson to sell 3 western US multifamily properties for $204M

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Kennedy Wilson to sell 3 western US multifamily properties for $204M

Kennedy Wilson said in its latest earnings release that the company and its equity partners are under separate binding contracts to sell three multifamily assets in the western U.S. for about $204 million.

The company expects to receive about $76 million in net proceeds from the transactions with an estimated gain on sale of $59 million.

The company and its equity partners are also under binding contracts to acquire four commercial properties in the same region and one mixed-use property in Ireland for $612 million, subject to customary closing conditions. The company is expecting to hold average ownership of about 34% in the properties.

According to the company, Kennedy Wilson Fund V sold a portfolio of three office properties in Greater Seattle for $252 million.