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Kennedy-Wilson Acquires Multifamily Community In California

Published 08/30/2016, 09:07 PM
Updated 07/09/2023, 06:31 AM

Kennedy-Wilson Holdings, Inc. (NYSE:KW) has acquired a 157-unit multifamily community, for $61 million. The acquisition of The Townhomes at Lost Canyon, located in Santa Clarita, CA, is likely to be accretive for the Beverly Hills, CA-based real estate investment and services company, going forward.

This class-A apartment community, built in 2013, is spread over an area of 12.5 acres. Kennedy-Wilson made equity infusion of $19 million and secured a loan of $43 million through Fannie Mae to finance the purchase. The secured loan with a term period of ten years has a fixed interest rate of 3.63%. This acquisition will enable Kennedy-Wilson to bolster its presence in the greater Los Angeles area. Notably, around a week ago, Kennedy-Wilson acquired a 100% ownership stake in a 386-unit multifamily community, for $81 million.

Kennedy-Wilson offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, along with construction and trust management. Kennedy-Wilson currently has a Zacks Rank #3 (Hold).

Investors interested in the real estate operations industry sector can consider stocks like Colliers International Group Inc. (NASDAQ:CIGI) , Henderson Land Development Co. Ltd. (OTC:HLDCY) and The Liberty Braves Group (NASDAQ:BATRK) . All these stocks carry a Zacks Rank #2 (Buy).

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KENNEDY-WILSON (KW): Free Stock Analysis Report

HENDERSON LAND (HLDCY): Free Stock Analysis Report

COLLIERS INT GP (CIGI): Free Stock Analysis Report

LIBERTY BRVS-C (BATRK): Free Stock Analysis Report

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