International real estate investment and services firm Kennedy
Wilson (NYSE: KW) today announced that the company and its
partners have acquired The Pointe, a 388-unit apartment community
located in Vancouver, Washington, a suburb of Portland, for $39.5
million. The total equity invested in the transaction was $11.2 million,
5% of which was contributed by Kennedy Wilson. Additionally, the company
secured a $29.6 million ten-year loan on the property, with interest
only for four years, from Fannie Mae at LIBOR + 2.36%, arranged by HFF.
The Pointe in Vancouver, Washington (Photo: Business Wire)
“This acquisition is a great value-add investment in a strong Portland
submarket,” said Kurt Zech, president of Kennedy Wilson Multifamily
Management Group. “The market has strong projected employment and rent
growth that exceeds most other West Coast markets due to a burgeoning
tech center and favorable tax benefits, offering an affordable living
option to Portland.”
The Pointe is located in the eastern Vancouver submarket directly off of
the 205 Freeway and is the largest suburb in the Portland MSA as well as
the fourth largest city in Washington by population. Built in two
phases, the property is comprised of 35 residential buildings consisting
of two and three story walk-ups. The neighborhood surrounding The Pointe
is well served by retail amenities and recreation and is a short
distance to numerous job centers including the top technology employers
in the city.
Kennedy Wilson’s global multifamily portfolio now totals 16,899 units,
including 3,450 apartment units in the Pacific Northwest region of the
U.S.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain and Japan. The company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., Europe and Japan. For further information on Kennedy Wilson,
please visit www.kennedywilson.com.
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