Kennedy Wilson and Partners Purchase Multifamily Properties in Washington and Northern California

  Kennedy Wilson and Partners Purchase Multifamily Properties in Washington
  and Northern California

  Company’s global multifamily portfolio increases to more than 17,000 units

Business Wire

BEVERLY HILLS, Calif. -- December 18, 2013

International real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the company and its partners acquired Village at Town
Center, a 159-unit multifamily property in El Cerrito, California and that the
company acquired Big Trout Lodge, a 297-unit multifamily community in Liberty
Lake, a suburb of Spokane, Washington. Both properties were acquired from The
Wolff Company, with a third related acquisition of 372 apartment units in a
Seattle suburb currently under contract and expected to close in the first
quarter of 2014.

The three properties are being purchased for a combined $167 million. Kennedy
Wilson and its partners invested approximately $26.2 million of equity in the
two closed transactions, $9.3 million of which was contributed by the company.
Additionally, Kennedy Wilson secured approximately $51 million of debt with
Fannie Mae for the two closed transactions through CBRE Capital Markets.

“We are very pleased about the opportunity to purchase these three very
attractive assets through this off market transaction,” said Kurt Zech,
president of Kennedy Wilson’s Multifamily Management Group. “The properties
are all located in submarkets with excellent occupancy rates and limited
supply and where the company has extensive investment and management
experience.”

Big Trout Lodge offers a mix of one-, two- and three-bedroom units averaging
945 square feet. Amenities include a resort style swimming pool, BBQ and
picnic area, fire pit and community garden area, clubhouse, kid’s club,
playground and 24 hour fitness room. The property is situated near parks, golf
courses, shopping, top ranked public schools and a farmer’s market. Kennedy
Wilson currently intends to continue the current unit interior renovation
plan, including upgrades to the cabinetry, plank flooring, doors, lighting and
hard-ware packages.

Village at Town Center consists of one- and two-bedroom units averaging 875
square feet. Amenities include a fitness center, courtyards and full-size
washer dryers in all units as well as convenient access to freeways, two BART
Stations and the major employment hubs of the East Bay and San Francisco. The
property’s retail tenants provide an added convenience for residents,
including financial advisors, dentistry and tutoring in addition to a nearby
grocery store, local parks, malls and a theater. El Cerrito is located about
five miles from the University of California at Berkeley.

Kennedy Wilson, together with its institutional partners, has acquired
approximately $2.8 billion of real estate and real estate related debt since
the beginning of 2013. The company’s global multifamily portfolio totals
17,355 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
 
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