Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

Kennedy Wilson Sells Two Multifamily Properties For $154 Mln - Quick Facts

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.

Click here to receive FREE breaking news email alerts for Kennedy Wilson Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Consumers spent less in July than in the previous month, a surprise retreat that complicates the prevailing belief that the U.S. economic situation is improving. Along with the unexpected drop in spending, government figures released on Friday showed that incomes rose at a slower pace in July than in the previous month. Meanwhile, data on prices indicated that inflation pressures remain tame. India's economy grew faster-than-expected in the three months to June and at the strongest pace in two years, preliminary figures from the Central Statistics Office revealed Friday. Gross domestic product grew 5.7 percent in the April to June quarter, which exceeded economists' forecast for 5.5 percent expansion. The economy grew 4.6 percent in the previous three months. Eurozone inflation slowed as expected in August on falling energy prices giving room for the central bank to support demand and economic recovery without stoking inflation and help the region to create more jobs. The unemployment rate remained unchanged at an elevated level in July. Nonetheless, it was at the lowest since September 2012.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.