Kennedy-Wilson Holdings Inc, (KW), an international real estate investment and services company, recently announced the acquisition of a multifamily community titled Sandpiper Apartments, in Holladay, a suburb of Salt Lake City, Utah. The company purchased the property for $43.5 million, including $31.5 million in assumed debt.
Sandpiper Apartments is perfectly placed to serve the Downtown Central Business District and has easy access to major employment destinations and schools in the region. The company intends to renovate the property with a new fitness center and landscaping enhancements with some changes in the interiors.
The 366-unit multifamily community is located in one of the most affluent localities in the Salt Lake County MSA (metropolitan statistical area), in close proximity to major freeways and Salt Lake City International Airport. Consequently, the acquisition is expected to be accretive to the company.
Kennedy-Wilson has been very active on the acquisition front. Earlier in the third quarter 2012, the company had more than $650 million of acquisitions in the U.S. and in Ireland.
Headquartered in Beverly Hills, California, Kennedy-Wilson offers a wide array of real estate services including auction, conventional sales, property services, and research and investment management. It operates out of 24 offices in the U.S., U.K, Ireland and Japan. Since 2010, Kennedy Wilson, along with its institutional partners, has acquired approximately $6.8 billion worth of real estate and debt through consolidated investments.
Kennedy-Wilson currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We have a long-term Neutral recommendation on the stock. One of its competitors, CBRE Group, Inc (CBG) holds a Zacks #5 Rank, which translates into a short term Strong Sell rating.
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