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Kennedy Wilson Completes $304M Asset Sales in US, Ireland

Beverly Hills, CA-based Kennedy Wilson completed two asset sales totaling $304 million, which will generate roughly $130 million in profit in Q4. Summer House, a 615-unit apartment community at 1826 Poggi St. in Alameda, CA, was divested for $231 million to an undisclosed buyer.

The deal represents the largest multifamily transaction in the Bay Area in 2017, and is one of the largest single asset commercial real estate transactions recorded in the East Bay. Also, Gardner House, a 75,600-square-foot office building in Dublin, Ireland, was sold for $73 million.

Kennedy Wilson plans to reinvest the proceeds into four separate multifamily assets with a total of 996 units in the Pacific Northwest, and will also pay down unsecured debt. The newly acquired multifamily properties include Latitude, a 210-unit apartment community in Happy Valley, OR, and Heatherwood, a 264-unit apartment neighborhood in Gresham, OR. Two additional multifamily acquisitions in the Seattle and Portland markets are expected to close in 2017.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

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