Kennedy Wilson and Partners acquire three multifamily communities for $264m

Kennedy Wilson and its partners have in separate transactions acquired three multifamily communities for a total of $264 million, excluding closing costs.

The assets are Central Park Commons, a 180-unit garden-style apartment community in Meridian, Id.; Paceline, a 221-unit apartment community in Shoreline, Wash. (photo above); and AYA ABQ, a 504-unit garden-style apartment community in Albuquerque, N.M.

Kennedy Wilson has approximately 50 percent ownership in these acquisitions, which were completed within the company’s co-investment portfolio. Kennedy Wilson and its partners invested $149 million of total equity, including $75 million by Kennedy Wilson, and the properties are expected to add approximately $11 million of initial annual net operating income, including $6 million to Kennedy Wilson. Beginning immediately, Kennedy Wilson will implement value-add asset management plans at the three communities, including renovating unit interiors, refreshing common areas