Kennedy Wilson Closes on Three Mountain West Multifamily Communities
In the same announcement Kennedy Wilson (NYSE:KW) touted the purchase of three apartment complexes, the company said it was also going to immediately spend $19 million on improvements to all three properties. The properties are located in Las Vegas (Palms at Piccolo Ranch), Scottsdale (La Privada) and Albuquerque (San Miguel del Bosque).
The price for the three was $418 million. The company expects to generate approximately $15 million of initial annual net operating income.
Kennedy Wilson’s Shem Streeter believes the region is a great place to grow their business, “We continue to be bullish on our outlook for the Mountain West, as renters explore new areas where their budgets stretch further and they can find an outdoor-oriented lifestyle.”
The acquisitions add 1,100 units to the company’s multifamily inventory. The new purchases increase the total Kennedy Wilson owns in the Mountain West to 13,800 apartment units.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.