Kennedy Wilson Acquires 528-unit Apartment Community in Las Vegas for USD 155m.
MANews-(C)2009-2022
California-based real estate investment company Kennedy Wilson (NYSE: KW) has acquired 3001 Park, a 528-unit garden style apartment community in Henderson, Nevada for USD 155m, the company said.
Kennedy Wilson invested USD 56m of total equity in the acquisition of 3001 Park and secured a USD 102m loan.
The community is 95% occupied and is expected to initially add approximately USD 8m of annual revenue and USD 6m of annual net operating income to Kennedy Wilson, which is projected to grow to USD 12m of annual revenue and USD 9m of annual net operating income to Kennedy Wilson following the completion of value-add initiatives over four years, including unit and amenity upgrades to enhance the renter experience.
The acquisition caps off a year of growth within Kennedy Wilson's multifamily platform, which has expanded from...
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