Kennedy Wilson Acquires 366-Unit Multifamily Community in Salt Lake City, Utah for $43.5M

  Kennedy Wilson Acquires 366-Unit Multifamily Community in Salt Lake City,
  Utah for $43.5M

Business Wire

BEVERLY HILLS, Calif. -- November 30, 2012

International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced the acquisition of Sandpiper Apartments, a 366-unit
multifamily community in Holladay, a suburb of Salt Lake City, Utah. The
company purchased the property for $43.5 million, investing $12 million of
equity in the transaction and assuming approximately $31.5 million of
financing with Centerline Financial at 4.9% with eight years remaining.

Bob Hart, president of KW Multifamily Management Group, said, “Holladay is
considered one of the most affluent communities in the Salt Lake County MSA,
and the property is in close proximity to major freeways, the Downtown Central
Business District, Salt Lake City International Airport and Park City as well
as some of the best schools and largest employers in the area.”

The property, nestled in a prestigious residential neighborhood, consists of
46 buildings on 36 acres and was completed in 1999. Kennedy Wilson plans to
reposition the property with more than $5 million of renovations, including a
new leasing facility, interior unit upgrades, a new fitness center and
landscaping enhancements.

Kennedy Wilson, together with its institutional partners, has acquired
approximately $6.8 billion of real estate and real estate related debt since
the beginning of 2010. The company’s multifamily portfolio in the U.S.,
Ireland and Japan totals 14,613 units.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and
services company headquartered in Beverly Hills, CA with 24 offices in the
U.S., U.K., Ireland, Spain and Japan. The company offers a comprehensive array
of real estate services including auction, conventional sales, property
services, research and investment management. Through its fund management and
separate account businesses, Kennedy Wilson is a strategic investor of real
estate investments in the U.S., U.K., Ireland and Japan. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.

Contact:

Kennedy Wilson
Christina Cha
VP of Corporate Communication
(310) 887-6294
ccha@kennedywilson.com
www.kennedywilson.com
 
Press spacebar to pause and continue. Press esc to stop.