Global real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the Company and its equity partners
purchased Villas at Homestead, a 312-unit apartment community located in
Centennial, Colorado, for $56.75 million from DiNapoli Capital Partners.
The Company and its equity partners invested an aggregate of $15.5
million of equity in the transaction (inclusive of closing costs) of
which the Company’s initial share is approximately 13%. The Company and
its equity partners also assumed debt of $33.0 million through Fannie
Mae and secured a coterminous supplemental seven-year floating rate loan
of approximately $10.1 million.
“This is our second multifamily acquisition in Denver, and KW continues
to seek value-add opportunities in the region,” said Kurt Zech,
President of Kennedy Wilson Multifamily. “Job growth in the technology,
energy, and health-science sectors, combined with a focus on transit,
makes Denver an attractive market for investment. Denver continues to
show the fundamentals behind rent growth in key submarkets where new
apartment supply is limited.”
Villas at Homestead is a high-quality residential community in the
Homestead neighborhood of Centennial, five minutes from the Denver Tech
Center (DTC) Business Corridor. Residents enjoy access to the adjacent
Willow Spring Open Space, home to 158 acres of biking, running and
walking trails. Cherry Creek State Park and Reservoir and Chatfield
State Park are also located nearby and provide an array of activities
such as hiking, boating, biking, fishing, camping and wildlife viewing.
Fiddler’s Green Amphitheatre, which is about two miles to the east of
the property, is an outdoor event venue with seating capacity for 17,000
people that hosts numerous concerts.
Kennedy Wilson’s global multifamily portfolio now totals 19,683 units,
including 732 units in Greater Denver. Real estate related acquisitions
by the company and its equity partners year-to-date total more than $2.6
billion, which includes approximately $2.0 billion acquired by Kennedy
Wilson Europe Real Estate plc.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global real
estate investment and services company headquartered in Beverly Hills,
CA, with 25 offices in the U.S., U.K., Ireland, Spain, Jersey and
Japan. The company, on its own or with partners, invests
opportunistically in a variety of real estate related investments,
including commercial, multifamily, loan purchases and originations,
residential, and hotels. Kennedy Wilson offers a comprehensive array of
real estate services including investment management, property services,
auction, conventional sales, brokerage and research. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.
Copyright Business Wire 2014