Kennedy-Wilson Holdings Inc.
) recently disclosed that the company and its partners acquired a
388-unit multifamily property in Vancouver, Wash., a Portland
Submarket for $39.5 million.
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Positioned in the eastern Vancouver submarket, this multifamily
property - The Pointe - includes 35 residential buildings
comprising two and three story walk-ups. The property is well
surrounded by retail amenities and recreation facilities and is
close to several job centers, including top notch technology
The acquisition is a strategic fit, given the strong potential of
the Portland submarket. A growing tech center and favorable tax
benefits are particularly driving the projected employment level
and rent growth in the region higher.
The deal involved a total equity investment of $11.2 million. Of
this 5% was contributed by Kennedy Wilson. Moreover, a $29.6
million 10-year loan on the property was secured by the company.
This loan is an interest only loan for four years from Fannie Mae
at LIBOR + 2.36%.
Kennedy-Wilson, which offers a wide array of real estate services
- such as auction, conventional sales, property services, and
research and investment management - is actively engaged in
expanding its portfolio in vibrant markets across the U.S.,
Europe and Japan.
Notably, from Jan 1, 2010 through Sep 30, 2013, the company and
its equity partners acquired around $10.6 billion of real estate
related investments. We expect such a strategic investment to
help the company enhance its portfolio quality, which will
consequently be accretive to its earnings going forward.
Moreover, the current acquisition brings the company's tally of
global multifamily portfolio to 16,899 units, including 3,450
units in the Pacific Northwest region of the U.S.
Kennedy-Wilson currently carries a Zacks Rank #1 (Strong Buy).
Other well-performing companies include
E-House (China) Holdings Ltd
Jones Lang LaSalle Incorporated
). While FirstService and E-House carry a Zacks Rank #1 (Strong
Buy), Jones Lang has a Zacks Rank #2 (Buy).