logo
Share SHARE
FONT-SIZE Plus   Neg

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.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
A federal government agency has outlined proposals to regulate payday loans as part of efforts to curb debt traps and provide reprieve to cash-strapped borrowers, while ensuring credit supply is not hampered. Toyota, world's best-selling car maker, is set to launch a revamped manufacturing system for more efficiency and a sustainable growth. The first medium sized cars from the new Toyota New Global Architecture will be rolled out this year itself and the system will be fully functional by 2020. The co-pilot of the crashed Germanwings plane appears to have intentionally forced the Duesseldorf-bound Airbus into a rapid descent, which eventually led to a crash in the French Alps, French prosecutors said Thursday. At what correspondents described as a "chilling" news conference, Marseille Prosecutor Brice Robin said audio retrieved from Germanwings black box showed that the co-pilot was in
comments powered by Disqus
Follow RTT