Real Estate News
--> Utah News
Kennedy Wilson Acquires Two Apartment Communities for $93 Million in Salt Lake City, Utah
SALT LAKE CITY, UT - Global real estate investment company Kennedy Wilson has acquired two wholly owned multifamily properties off market in Salt Lake City, Utah: Santa Fe Apartments, a 492-unit community in Cottonwood Heights for $79.5 million ...
SALT LAKE CITY, UT - Global real estate investment company Kennedy Wilson has acquired two wholly owned multifamily properties off market in Salt Lake City, Utah: Santa Fe Apartments, a 492-unit community in Cottonwood Heights for $79.5 million; and Creekview Apartments, an 88-unit community in Midvale for $13.0 millionThe properties join KW’s multifamily portfolio focused on institutional quality garden-style apartment communities located near rapidly growing markets in the western United States.
KW invested $21.5 million of equity, including closing costs, in Santa Fe and secured a 10-year fixed-rate loan of $59.1 million at 3.9%KW invested $4.8 million of equity, including closing costs, and secured an $8.6 million interest-only loan at L+1.6% for CreekviewThe equity investments for both acquisitions use proceeds generated through a reverse 1031 exchange.
“With its dynamic economic climate, well-run state government and highly educated workforce, Salt Lake City consistently emerges as a compelling market for real estate investment,” said Shem Streeter, Managing Director at KW“We continue to see strong interest from millennials and many other groups of renters in easily accessible suburban locations based on relative affordability and proximity to both high paying employers and outdoor recreation.”
Located just one mile apart, Santa Fe and Creekview both benefit from immediate access to the I-215 freeway, proximity to high-end grocers Whole Foods and Trader Joe’s, and easy access to neighboring retail centers with tenants including Walmart, Target and Bed, Bath & BeyondSalt Lake City is widely considered the capital of industrial banking in the United States, home to prominent companies including Morgan Stanley, Goldman Sachs, Ally Bank and Target BankThe region is also a part of the growing technology community referred to as “Silicon Slopes,” a combination of information technology, software development, hardware manufacturing and research firms.
Positioned on nearly 23 acres, Santa Fe offers both market rate and affordable units within one and two-bedroom layouts at an average 790 square feetCreekview’s entirely market-rate offerings include both one and two-bedroom layouts at an average 850 square feetBeginning immediately, KW plans to initiate its value-add asset management plan, including investing $5.3 million across both properties in interior unit renovations, upgrades to the fitness center, sport court, leasing center and other common area enhancements.
Santa Fe and Creekview add to KW’s growing multifamily presence in the Salt Lake City area, which now totals 1,396 multifamily units with a trailing 12-months NOI of $14 million, including Foothill Place and the Sandpiper Apartments.
Kennedy Wilson / #Apartments #Mulrifamily
Latest News Headlines
Fannie Mae Launches $100 Million LIHTC Fund to Support Affordable Housing in Underserved...JFisher Companies Completes Luxury Multifamily Townhome Development in Salt Lake CityPrudent Growth Partners Acquires 110-Unit Apartment Community in Eastern North Carolina...CMBS Delinquency Rate Drops for Seventh Consecutive Month According to Recent Trepp ReportKennedy Wilson Acquires Two Apartment Communities for $93 Million in Salt Lake City, UtahCarmel Partners Acquires 896-Unit Hunters Glen Garden Apartment Community in New Jersey
Subscribe to our newsletter to get the latest news in your inbox.
var email = $('#email').val();
if (email == ')
$(this).attr('href', 'https://list.robly.com/subscribe/post?a=68a9b99ca76cf5fd1c245089f5902991&EMAIL=' + email);
Using Snapchat to Broaden Your Student Housing Marketing ReachMultifamily Tech TrendsMultifamilyBiz.com
Dougherty Mortgage Closes $42.8 Million HUD Loan for 243-Unit Green on Fourth...Anthony Alicea Joins Greystone as Head of Production for the Portfolio Lending...National Cooperative Bank Originates $25 Million for New York-Area Housing...HFF Announces Refinancing for 128-Unit Garden-Style Apartments in Central Texas...
Multifamily Housing Tech Trends Emerging in 2018Utilizing Resident Portals to Serve Next Generation RentersTurning Around Derailing People PerformanceTech Trends and Topics – The Centennial Edition
Fannie Mae Launches $100 Million LIHTC FundCheck Your Insurance Policy Regarding CannabisThe Effect of Cannabis Distribution in Real Estate
Connect HoustonFeb 7 - Feb 7, 2018 | Houston, TXNAA Student Housing ConferenceFeb 13 - Feb 14, 2018 | Orlando, FLTAA Education Conference & Lone Star ExpoApr 25 - Apr 27, 2018 | San Antonio, TX
List Your Company
List Your Community
eBay Classifieds Partner
MultifamilyBiz.com is the Next Generation Internet Platform for the Multifamily
Industry and is the place to be for everything touching multifamily housingFrom
the latest industry news, member posted press releases, to its robust vendor directories,
MultifamilyBiz.com is dedicated to providing a suite of focused, leading-edge, online
tools and resources designed to maximize and accelerate commercial activities in
the multifamily marketplace.
Trending Utah News:
Vietnamese Buddhist group evicted from Utah temple
'Fix the Bricks' program aims to help Utah homeowners in case of massive earthquake
Mormon leader Thomas S. Monson attends ceremony naming historic Utah building in his honor
Top state Utah official raises specter of 'double decker' I-15
Mitt Romney appears a shoo-in for Utah's Senate seat. The question is how he'd handle Trump
Lawsuit would force fee increase for north county residents
Operation Underground Railroad celebrates three years of international child trafficking rescue missions
Romney was recruited to run for Senate in Utah by Hatch
Expansions in Utah: Silicon Valley Bank and Stewart Title
Home buyer and seller tips for spring
Major growth for Utah commercial real estate construction
Two homes damaged by fire in Clinton
Destruction from Utah fires up significantly in 2017
Eagle Mountain, UT Homes For Sale & Real Estate
Utah real estate fraud brings prison sentence
With no state inspection standards in place, how safe are zip lines in Utah?
Orem residents fighting $100M housing development
Ex-REIT Execs Must Face Fraud Suit, Utah Judge Says
How do rising interest rates affect the real estate market?
Utah ranked No. 1 pro-business state for 2012