BEVERLY HILLS, CA-Kennedy Wilson and partners has acquired the Pointe, a 388-unit multifamily property in Vancouver, WA, a suburb of Portland, OR, for $39.5 million. The acquisition brings Kennedy Wilson's multifamily portfolio to 16,899 units.
“This acquisition is a great value-add investment in a strong Portland submarket,” says 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 company provided 5% of $11.2 million of equity and secured a 10-year loan for $29.6 million through Fannie Mae. The loan has interest for only four years with a LIBOR + 2.36%, arranged by HFF. The apartment community has 35 two- and three-story buildings. Retail and job centers are a short distance from the center and the top technology employers in the city.
Investors are finding strong opportunities in the Pacific Northwest market. In a recent article, GlobeSt.com reported that Security Properties closed its multifamily fund with 17 apartment complex acquisitions in cities throughout the Pacific Northwest, San Francisco and Phoenix. Totaling 2,471 units, the acquisition cost $390 million.
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Kelsi Maree Borland
