Kennedy-Wilson Acquires Multifamily Community In California
Zacks Investment Research | Aug 30, 2016 09:07PM ET
Kennedy-Wilson Holdings, Inc. (NYSE:KW) has acquired a 157-unit multifamily community, for $61 million. The acquisition of The Townhomes at Lost Canyon, located in Santa Clarita, CA, is likely to be accretive for the Beverly Hills, CA-based real estate investment and services company, going forward.
This class-A apartment community, built in 2013, is spread over an area of 12.5 acres. Kennedy-Wilson made equity infusion of $19 million and secured a loan of $43 million through Fannie Mae to finance the purchase. The secured loan with a term period of ten years has a fixed interest rate of 3.63%. This acquisition will enable Kennedy-Wilson to bolster its presence in the greater Los Angeles area. Notably, around a week ago, Kennedy-Wilson acquired a 100% ownership stake in a 386-unit multifamily community, for $81 million.
Kennedy-Wilson offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, along with construction and trust management. Kennedy-Wilson currently has a Zacks Rank #3 (Hold).
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