BEVERLY HILLS, Calif. -- (Business Wire)
Global real estate investment company Kennedy
Wilson (NYSE: KW) today announced that the company acquired The
Townhomes at Lost Canyon, a 157-unit multifamily community in Santa
Clarita, California for $61 million. The company invested $19 million of
equity (inclusive of closing costs) and secured a 10-year fixed rate
loan of $43 million through Fannie Mae at 3.63% to acquire this
wholly-owned property.
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The Townhomes at Lost Canyon (Photo: Business Wire)
“We are excited to expand our presence in the greater Los Angeles area
with another high quality asset,” said Nicholas Bridges, Managing
Director of Kennedy Wilson Multifamily Investments. “We believe this
community will attract those who want access to LA’s jobs and amenities
but who also desire an outstanding public school system and a high
quality of life.”
The Townhomes at Lost Canyon is a class-A apartment community located in
Santa Clarita, CA. Situated on 12.5 acres, the property was built in
2013 and is entirely comprised of 3 bed, 2.5 bath townhomes featuring
high-end condominium-level specs and all with two-car, direct access
garages. Best-in-class amenities at the property include a swimming pool
and spa, fully equipped fitness center, enclosed dog park, and a kid’s
playground. The Santa Clarita Valley is a thriving center for
high-paying industry clusters such as advanced manufacturing, medical
devices, aerospace and defense, information technology, and digital
media and entertainment.
Kennedy Wilson’s global apartment portfolio includes 133 communities
with approximately 26,000 units, including 25 communities and 8,808
units in which the company has an approximate 99% ownership interest.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and commercial
properties located in the Western U.S., UK, Ireland, Spain, Italy and
Japan. To complement our investment business, the Company also provides
real estate services primarily to financial services clients. For
further information on Kennedy Wilson, please visit www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates that
reflect our management’s current expectations, are based on assumptions
that may prove to be inaccurate and involve known and unknown risks.
Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these
forward-looking statements, including for reasons that are beyond our
control. For example, we may not be able to maintain our current
acquisition or disposition pace or identify future properties to acquire
on terms we consider attractive, and our current property portfolio may
not perform as expected. Furthermore, the capitalization rate of our
investments represents the net operating income of an investment for the
year preceding its acquisition or disposition divided by the purchase or
sale price. Capitalization rates represent historical performance and
are not a guarantee of future net operating income. Accordingly, you
should not unduly rely on these statements, which speak only as of the
date of this press release. We assume no duty to update the
forward-looking statements, except as may be required by law.
KW-IR
View source version on businesswire.com: http://www.businesswire.com/news/home/20160830005375/en/
Contacts:
Investors
Kennedy Wilson
Daven Bhavsar, 310-887-3431
Director
of Investor Relations
dbhavsar@kennedywilson.com
Source: Kennedy Wilson
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