Kennedy Wilson and Partners Acquire 388-Unit Multifamily Property in Portland Submarket

  Kennedy Wilson and Partners Acquire 388-Unit Multifamily Property in
  Portland Submarket

          Company’s global multifamily portfolio totals 16,899 units

Business Wire

BEVERLY HILLS, Calif. -- November 14, 2013

International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the company and its partners have acquired The
Pointe, a 388-unit apartment community located in Vancouver, Washington, a
suburb of Portland, for $39.5 million. The total equity invested in the
transaction was $11.2 million, 5% of which was contributed by Kennedy Wilson.
Additionally, the company secured a $29.6 million ten-year loan on the
property, with interest only for four years, from Fannie Mae at LIBOR + 2.36%,
arranged by HFF.

The Pointe in Vancouver, Washington (Photo: Business Wire)

The Pointe in Vancouver, Washington (Photo: Business Wire)

“This acquisition is a great value-add investment in a strong Portland
submarket,” said Kurt Zech, president of Kennedy Wilson Multifamily Management
Group.“The market has strong projected employment and rent growth that
exceeds most other West Coast markets due to a burgeoning tech center and
favorable tax benefits, offering an affordable living option to Portland.”

The Pointe is located in the eastern Vancouver submarket directly off of the
205 Freeway and is the largest suburb in the Portland MSA as well as the
fourth largest city in Washington by population. Built in two phases, the
property is comprised of 35 residential buildings consisting of two and three
story walk-ups. The neighborhood surrounding The Pointe is well served by
retail amenities and recreation and is a short distance to numerous job
centers including the top technology employers in the city.

Kennedy Wilson’s global multifamily portfolio now totals 16,899 units,
including 3,450 apartment units in the Pacific Northwest region of the U.S.

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., Europe and Japan. For further information on
Kennedy Wilson, please visit www.kennedywilson.com.

Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20131114005916/en/

Multimedia
Available:http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50750879&lang=en

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.