DENVER, CO – Global real estate investment company Kennedy Wilson (NYSE:KW) has bought Griffis Marston Lake, a wholly owned 332-unit suburban apartment community 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 a fixed-rate of 2.7 percent.
The buy reflects Kennedy Wilson s continued focus on recycling capital from recent asset sales and investing in high-quality multifamily properties in growth markets throughout the Mountain States region, where Kennedy Wilson has bought nearly 1,900 units in the last 12 months and is developing approximately 1,000 more.
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. Beyond the appealing location, the property offers the large unit layouts, amenities and relative affordability that we believe renters will continue to value.
Built in 2002, Griffis Marston Lake is an institutional-quality, garden-style community that sits on 16 acres in the West Denver submarket of Littleton, with simple access to Denver s major employment centers, a variety of shopping and restaurants, and convenient access to the outdoor recreational opportunities. The property is expected to add approximately $5 million of initial annual net operating income upon acquisition, which is projected to grow as Kennedy Wilson improves the renter experience on site. Renovation plans include investing approximately $6 million to upgrade unit interiors and enhance amenities and common areas.
The acquisition of Griffis Marston Lake contributes to the expansion of the company s multifamily portfolio, which has grown from 30,000 units at year-end 2020 to approximately 32,000 units at the close of Q2 2021.

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COLUMBUS, OH – Parallel, an Austin-based real estate development firm, broke ground Thursday on a new 143-unit student housing development within walking distance from The Ohio State University (OSU). The community is set to open in Summer 2023.
The five-tale project will be located at 76 E. Ninth Avenue and provide OSU upperclassmen, OSU graduate students, and young professionals upscale living options close to campus, Small North, and downtown.
The development features fully furnished studio through five-bedroom apartments which incorporate innovative design features with numerous amenities making a luxury experience. Amenities will include a terrace-level courtyard with pool and hot tub, state-of-the-art fitness facility, Luxor One-controlled package lockage area and a robust first floor bistro and lounge. Upscale design elements include Bluetooth showerheads, quartz countertops, in-unit washers and dryers, and fireplaces and smart home automation in select units.
This project intends to achieve National Green Building Standard (NGBS) Multifamily Certification upon its completion. “We are honored to have played a role in the design of this special project. We appreciate all the constructive input from various stakeholders with the result being a high-quality design with an engaging street presence and unique silhouette on the skyline,” says Brett Rhode, founder of Rhode Partners, the architect.
The effort has been collaborative as Parallel had to seek rezoning from a single-family zoning to five-tale multi-family zoning, which required multiple approvals from the University Area Commission and the Weinland Park Neighborhood Association. The project also required an architectural review board approval from the University Impact Design Review Board (UIDRB).
“We are excited to be a part of this community with this incredible project,” said Kristen Penrod, principal at Parallel. “We appreciate the collaboration and effort that members of the community and our design team provided to develop a project that offers an innovative design and fits into the fabric of the existing neighborhood.”

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ROSWELL, GA – TerraCap Management, a privately held investment firm with its headquarters in Naples, Florida, announced the acquisition of Enclave at Roswell, a 236-unit Class-B apartment complex located in the northern Atlanta suburb of Roswell, GA. Enclave at Roswell was built in 1985 and features one, two, and three-bedroom units. The property’s on-site amenities include a pool, fitness center, dog park, outdoor sports court, playground area, and coffee bar.
“We are excited to buy our second apartment community in Roswell,” said Matt Stewart, TerraCap Director of Asset Management. “The acquisition of a property in a central North Fulton location with relatively low rents and very limited new supply provides us with a excellent foundation to upgrade the property to capture demand for modernized finishes and fresh common areas. We believe, based on our experience in the submarket, that our plotted improvements will elevate the living experience we can provide to the residents at Enclave and meet our investment objectives.”
Enclave at Roswell is located in the North Fultonsubmarket, which has seen rising rents and low vacancy. TerraCap plans to capture the property’s value-add potential by investing in a premium renovation program and several exterior capital projects, such as updated landscaping and new exterior paint.
Steve Excellent, TerraCap National Director of Acquisitions, said, “We are very excited for the opportunity to buy an asset in an area with accelerated growth potential. We feel confident in the potential of Enclave, as we’ve previously met our underwriting objectives within this submarket in a similar asset class. We are grateful to David Gutting for another smooth closing with the Newmark Team.”
David Gutting of Newmark represented the seller in the disposition. First Communities Management was hired as property manager.

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