Beverly Hills-based real estate firm Kennedy Wilson has announced the $422 million sale of six multifamily properties across four states – a portfolio totaling nearly 2,200 units.
The six apartment communities sold were:
• The 612-unit Slate Creek in Roseville, Calif.
• The 480-unit Xander 3900 in Las Vegas
• Big Trout Lodge in Liberty Lake, Wash. (297 units)
• Heatherbrae Commons in Milwaukie, Ore. (174 units)
• Montair and Somerset Hill in Tumwater, Wash. (396 units)
• StonePointe in University Place, Wash. (240 units)
The sales generated cash proceeds of $223 million for the company, its commingled funds and equity partners, Kennedy Wilson announced. The net proceeds to Kennedy Wilson were approximately $104 million. Kennedy Wilson averaged around 41 percent ownership in the six properties.
“This portfolio sale enables us to recycle capital into other strategic investment opportunities,” said William McMorrow, chairman and chief executive officer of Kennedy Wilson.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.