Kennedy Wilson has partnered with a global institutional investor to acquire and manage core-plus multifamily communities in the Western US.
The new platform already includes an $800 million portfolio, including nine multifamily properties in the western US. Kennedy Wilson sold a 49% interest in these wholly owned assets to its partner and it will have a 51% ownership stake in the new joint venture. The joint venture will target $700 million in additional core-plus acquisition opportunities.
By creating the new platform and selling the nine properties, Kennedy Wilson realized $254 million in proceeds. That includes $92 million of proceeds from refinancing certain assets within the seed portfolio before the sale. Kennedy Wilson says these proceeds are expected to be reinvested into new wholly owned acquisitions.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
