Kennedy-Wilson Holdings Inc
), an international real estate investment and services company,
recently acquired a multifamily apartment titled Harrington
Square in Renton, Washington. The purchase price of the property
was $41 million, with $26 million of loan financing and $15
million of equity investment by the company. The property was
acquired from an undisclosed seller.
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KENNEDY-WILSON (KW): Free Stock Analysis
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The 217-unit multifamily community is located in downtown Renton
with easy access to the I-90 corridor which is home to many big
companies. Post acquisition, Kennedy-Wilson will own nine
apartment communities in the Pacific Northwest market totaling
more than 3,000 units. The company expects that improving demand
will increase the rental growth of the property going forward in
the Seattle metro area. Consequently, the acquisition is expected
to be accretive to the company.
Headquartered in Beverly Hills, California, Kennedy-Wilson offers
a wide array of real estate services including auction,
conventional sales, property services, and research and
investment management. The company has 24 offices spread across
the U.S., U.K., Ireland and Japan. Since 2010, Kennedy-Wilson,
along with its institutional partners, has acquired approximately
$7.0 billion worth of real estate and debt through consolidated
investments. Currently, the multifamily portfolio of the company
in the U.S., Ireland and Japan consist of 14,830 units. The
company is currently focusing on markets with commuter friendly
locations and good employment opportunities.
Kennedy-Wilson currently retains a Zacks #3 Rank, which
translates into a short-term Hold rating. We have a long-term
Neutral recommendation on the stock. One of its competitors,
CBRE Group, Inc
) holds a Zacks #5 Rank, which translates into a short-term
Strong Sell rating.