BEVERLY HILLS–Kennedy Wilson has sold its 41.5% stake in a six-asset multifamily portfolio for $422 million. The portfolio, which totals 2,199 units, generated cash proceeds of $223 million for the company, its commingled funds and equity partners. Kennedy Wilson itself took home net proceeds of approximately $104 million.
CEO William J. McMorrow said the company would recycle capital into other strategic investments.
The six garden-style apartment communities were originally built between 1989 and 1999. They are located in four states: Slate Creek in Roseville, CA; Xander 3900 in the Las Vegas Valley; Big Trout Lodge in Liberty Lake, WA; Heatherbrae Commons in Milwaukie, OR; Montair at Somerset Hill in Tumwater, WA; and StonePointe in University Place, WA.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
