Kennedy Wilson Buys Griffis Marston Lake For $134 Mln

(RTTNews) - Real estate investment company Kennedy-Wilson Holdings, Inc. (KW) on Wednesday announced the acquisition of Griffis Marston Lake, a 332-unit apartment communality in Denver, Colorado for $134 million, excluding closing costs.

Kennedy Wilson invested $62 million of equity and secured a 10-year, $76 million loan at 2.7 percent to buy the suburban apartment community in Denver.

Upon acquisition, the property is expected to add nearly $5 million of initial annual net operating income.

The acquisition expands Kennedy Wilson's multifamily portfolio, which has grown from 30,000 units at year-end 2020 to approximately 32,000 units at the close of second quarter of 2021.

Throughout the Mountain States region, he company has acquired about 1,900 units in the last one year and nearly 1,000 more are under development.

"Griffis Marston Lake is an ideal complement to Kennedy Wilson's existing suburban multifamily portfolio and feeds into our growth strategy of expanding into high barrier to entry submarkets with leasing momentum, population growth and strong local economies," said Nick Bridges, Managing Director at Kennedy Wilson, who oversees multifamily investments in the region.