Kennedy Wilson has acquired, in separate transactions, three existing apartment communities totaling 640 units for $143 million and an opportunity zone development site that is fully entitled for 240 units in the Boise, Idaho, region.
The three existing apartment communities include one wholly owned asset, The Lofts at Ten Mile, as well as two communities, Jasper and Towne Square, that were acquired with the Boise-based real estate investment company Roundhouse. Kennedy Wilson and Roundhouse also acquired the Dovetail development site, which is expected to complete in 2023.
Kennedy Wilson has an average ownership of 95 percent in these four investments and invested $68 million of equity into the properties, utilizing either fixed-rate financing or floating-rate financing hedged against long term increases in interest rates.
The off-market purchases reflect a continued focus on recycling equity capital from dispositions into high-quality multifamily properties th
