Kennedy Wilson and Capri Capital Partners, LLC Acquire 372 Unit Apartment Community in Seattle Suburb

  Kennedy Wilson and Capri Capital Partners, LLC Acquire 372 Unit Apartment
  Community in Seattle Suburb

 Kennedy Wilson’s global multifamily portfolio totals more than 17,700 units

Business Wire

BEVERLY HILLS, Calif. -- March 26, 2014

Global real estate investment and services firm Kennedy Wilson (NYSE: KW)
today announced that the company and its partners have teamed with Capri
Capital Partners, LLC (“Capri”) to acquire Bailey Farm Apartments, a 372-unit
apartment development in Bothell, a suburb of Seattle, Washington. The
property was purchased from The Wolff Company for $91.5 million, including
$45.8 million of debt through a life insurance company. Kennedy Wilson
invested $4 million of equity in the transaction.

The Bailey Farm purchase follows two related acquisitions of a total of 456
apartment units in El Cerrito, California and Spokane, Washington in December
2013.

“We are pleased to have completed the acquisition of this property following
the purchases of Village at Town Center and Big Trout Lodge in December,” said
Kurt Zech, president of Kennedy Wilson’s Multifamily Management Group. “All
three of these properties are very attractive assets acquired off market that
complement our existing Western U.S. portfolio.”

Ken Lombard, Vice Chairman - Investments & Partner at Capri Capital Partners,
stated, “Our investment in Bailey Farm Apartments highlights Capri’s continued
interest in investing in high quality multifamily assets located in markets
with strong underlying fundamentals. We are pleased to be teaming up with
Kennedy Wilson on this off-market lease-to-core investment, which is poised to
capture the growing local residential demand, and we look forward to
contributing to the ongoing revitalization of the Bothell market.”

Built in 2013, Bailey Farm Apartments offers a mix of one, two and
three-bedroom units averaging 877 square feet. The property sits at the foot
of an enormous natural preserve next to North Creek Park and includes
amenities such as a resort style swimming pool and spa, BBQ and picnic area,
fire pit, yoga studio and world class 24-hour fitness room. The 20.6-acre site
is located near major freeways, providing easy access to Seattle, Bellevue,
and Everett. Top employers in the area include Boeing, Everett Naval Station,
Washington State and Providence Medical Center.

“Employers such as Boeing have helped to drive the strongest population growth
in the metro, supporting solid apartment demand,” commented Zech. “Downtown
Bothell is experiencing an incredible amount of redevelopment that will
benefit the property tremendously and continue the market’s strong rent
growth.”

The company’s global multifamily portfolio totals 17,753 units.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is a vertically integrated global 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, on its own
or with partners, invests opportunistically in a variety of real estate
related investments, including commercial, multifamily, loan purchases and
originations, residential, and hotels.Kennedy Wilson offers a comprehensive
array of real estate services including investment management, property
services, auction, conventional sales, brokerage and research. For further
information on Kennedy Wilson, please visitwww.kennedywilson.com.

About Capri Capital Partners

Capri Capital Partners, LLC is an SEC registered institutional real estate
investment advisory firm which has acquired or originated over $10 billion in
commercial real estate investments since its founding in 1992. Capri offers a
broad spectrum of real estate equity and debt products to its clients through
separate account, commingled fund, and joint venture formats. Over its 21 year
history, Capri has demonstrated experience investing in multifamily
residential and urban investments. Diversified assets managed on behalf of its
pension fund and other institutional investors totaled approximately $3.6
billion as of September 30, 2013. Capri is headquartered in Chicago, with
additional offices in Los Angeles and the New York area. For more information,
visit the company’s website www.capricapital.com.

Contact:

Kennedy Wilson
Christina Cha
VP of Corporate Communication
(310) 887-6294
ccha@kennedywilson.com
www.kennedywilson.com
 
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