Kennedy Wilson has expanded its Denver apartment portfolio with the purchase of Griffis Marston Lake, a 332-unit apartment complex, for $134 million. The purchase brings the firm's total multifamily portfolio to 32,000 units.

Kennedy Wilson purchased the property with $62 million of equity and a 10-year, $76 million loan at a fixed-rate of 2.7%. The $134 million purchase price does not include closing costs. The firm also plans to invest an additional $6 million to upgrade the interiors and common area amenities. Immediately following the transaction, the property is expected to add $5 million of initial net operating income.

Kennedy Wilson is bullish on the Mountain States region. In the last 12 months, it has acquired 1,900 units, including the $200 million purchase of an 880-unit garden-style apartment portfolio it purchased late last year. The firm also has another 1,000 units under construction. To complete the purchase of Griffis Marston Lake, Kennedy Wilson recycled capital from other asset sales in the region.