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
Computer and printer maker Hewlett-Packard Co. said Thursday after the markets closed that its second quarter profit fell 21% from last year, hurt by lower revenue and costs related to the planned separation of the company. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations, but its quarterly revenue fell short of analysts' forecast. Accounting software maker Intuit reported a plunge in third-quarter profit, hurt by impairment charges, even as results topped Wall Street estimates, driven by growth in small business segment amid a strong tax season. Struggling teen-apparel retailer Aeropostale Inc. (ARO), Thursday said its first-quarter loss narrowed from a year ago, driven largely by stronger margins even as revenues continued to plunge dropped. Nevertheless, the company lost almost one-fifth of its market value in after-hours trade, with the...
comments powered by Disqus
Follow RTT