trending Market Intelligence /marketintelligence/en/news-insights/trending/vn6yzoxugbnehvnxhcqtnq2 content esgSubNav
In This List

Kennedy-Wilson wraps up $422M western US multifamily portfolio sale

Blog

Using ESG Analysis to Support a Sustainable Future

Video

S&P Capital IQ Pro | Powered by Expert Insights

Blog

Q&A: Streamlining Analytics for TCFD Reporting

Blog

Evergrande and the wider impact: a sentiment analytics based perspective


Kennedy-Wilson wraps up $422M western US multifamily portfolio sale

Kennedy-Wilson Holdings Inc. sold a six-property multifamily portfolio across the western U.S. for $422 million.

Kennedy Wilson, its funds and equity partners raised cash proceeds of $223 million, which includes roughly $104 million in net proceeds to Kennedy Wilson.

The garden-style apartment communities in the portfolio are across four states — the 612-unit Slate Creek in Roseville, Calif.; Xander 3900 with 480 units in the Las Vegas Valley; the 297-unit Big Trout Lodge in the City of Liberty Lake, Wash.; Heatherbrae Commons with 174 units in Milwaukie, Ore.; Montair at Somerset Hill in Tumwater, Wash., with 396 units; and the 240-unit StonePointe in University Place, Wash.

Kennedy Wilson, which had an average ownership of 41.3% in the six properties, will recycle the capital from the portfolio sale into other strategic investment opportunities, according to Chairman and CEO William McMorrow.

So far in 2018, the company has divested 956 units in multifamily properties in the western U.S. and Ireland for $202 million.