International real estate investment and services firm Kennedy Wilson (KW) sold two of its multifamily properties in San Jose and Portland for $154 million, while net proceeds of $64 million would be distributed to the company and equity holders, including $18.5 million to Kennedy Wilson.
360 Residences, a 213-unit luxury residential tower in San Jose, CA and Arbor Creek Apartment Homes, a 440-unit community in Beaverton, OR were traded to separate buyers at an average cap rate of 4.5%.
Over the past few years, Kennedy Wilson increased the rental income of Arbor Creek, improving NOI by 22% since 2010. Recent upgrades like renovation of the leasing center, clubhouse and fitness center in addition to paint and other exterior enhancements were made to the property. The company's multifamily portfolio in the U.S. and Japan now consists of ownership interests in 13,305 units, including deals currently under contract.
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by RTT Staff Writer
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