KW Fund VI Plans Immediate Upgrades to $121M Arbor Buy

Kennedy Wilson Fund VI, a commingled Western U.S. value-add fund managed by Kennedy Wilson, recently acquired Arbor Heights, a garden-style apartment community in Tigard, OR, for $121 million. Beginning immediately, Kennedy Wilson plans to invest more than $4 million to continue recent renovations onsite at Arbor Heights, updating interiors of the community’s one-, two- and three-bedroom apartments, enhancing amenities and common spaces, renovating building exteriors and addressing deferred maintenance.

“The Portland area has proven its resilience over the past two years through continued population growth and a strong employment market that have driven demand for high-quality conveniently located housing,” said Mary Ricks, Kennedy Wilson president. “We are excited to expand our presence in Portland at a key point in the region’s growth trajectory and to add Arbor Heights to our successful Fund VI portfolio.”

Arbor Heights is located within Washington County, less than five minutes from the Pacific Highway, many restaurants and retailers, and within 30 minutes driving distance of downtown Portland. The 1997-built community is set on a hillside near many of Portland’s largest employers including Nike, Columbia and Intel.