SALT LAKE CITY-International real estate investment and services firm Kennedy Wilson continues to increase its local investments in the area, which now total $139 million, including 816 multifamily units and 325,832 square feet of retail properties. The firm just recently acquired Foothill Place, a 450-unit apartment community here.
According to William McMorrow, chairman and CEO of Kennedy Wilson, “Salt Lake City is a great market for the company to invest in because it's one of the few metro areas in the country where employment is now exceeding pre-recession levels.” He adds that the area's population is increasing at about 1.7% per year. “We're confident in the opportunity for further growth there.”
McMorrow continues to point out that average apartment rental rates have risen approximately 4% year over year while vacancy has dropped to about 5%.”
The company purchased Foothill Place for $61.8 million, investing $15 million of equity in the transaction and financing the purchase with a $49.7 million, 10-year Freddie Mac loan at 3.58%, fixed, through Berkeley Point.
“This asset is our second multifamily acquisition in the Salt Lake City area in the last six months, where we purchased Sandpiper Apartments in November of last year,” explains Bob Hart, president of KW Multifamily Management Group, in a prepared statement. “Foothill and Sandpiper are excellent examples of Kennedy Wilson's value-add repositioning strategy in markets that have stable job growth with high rental demand.”
Foothill Place is located in East Valley, close to the University of Utah and to Park City. The property, built in 1974, consists of 10 two- and three-story buildings situated on 18 acres. Amenities include two swimming pools, a volleyball court, dog park, rock climbing boulder and a clubhouse/leasing center with fitness center.
Kennedy Wilson plans to add washers and dryers in addition to renovating the majority of the units and adding selected upgrades to the property's common areas.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
