Slate Creek Apartments Go for $100 Million

ROSEVILLE, CA–In an off-market transaction, Slate Creek at Johnson Ranch, a 612-unit apartment community, has been acquired for $100 million, according to Kennedy Wilson. The company and its equity partners invested an aggregate of $38.5 million of equity in the transaction (inclusive of closing costs), of which the company’s initial share is approximately 12.5%. As part of the transaction, the company and its equity partners assumed $63 million of debt.

Kurt Zech, president of multifamily investments at Kennedy Wilson, tells GlobeSt.com: “Slate Creek fits perfectly into Kennedy Wilson’s multifamily value-add acquisition strategy. We are targeting large value-add opportunities located in dense suburban submarkets with strong fundamentals. The Roseville submarket has seen very strong employment growth and home price increases, which are leading indicators of rent growth.”