Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Kennedy Wilson Snags Salt Lake City MF’s for $93M
Beverly Hills, CA-based Kennedy Wilson acquired a pair of multifamily properties in Salt Lake City for a combined off-market deal value of $92.5 million. Beginning immediately, the new owner plans to initiate a value-add asset management plan, including investing $5.3 million across both properties in improvements.
The assets are located a mile apart and include:
– Santa Fe Apartments, a 492-unit community on nearly 23 acres in Cottonwood Heights, acquired for $79.5 million
– Creekview Apartments, an 88-unit community in Midvale, picked up for $13 million
Kennedy Wilson invested $21.5 million of equity, including closing costs, in Santa Fe and secured a 10-year fixed-rate loan of $59.1 million at 3.9%. The company invested $4.8 million of equity, including closing costs, and secured an $8.6 million interest-only loan at L+1.6% for Creekview. The equity investments for both acquisitions use proceeds generated through a reverse 1031 exchange.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition

