SALT LAKE CITY, UT – Global real estate investment company Kennedy Wilson has bought Alpine Meadows, a 222-unit wholly owned apartment community in the Salt Lake City, Utah region, for $49 million.

Kennedy Wilson invested $20 million of equity in Alpine Meadows with a corresponding 10-year, $29 million loan at 4.28%. The property was bought through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50% owned 260-unit apartment community in Vallejo, California, that was built a decade before Alpine Meadows. Since 2010, Kennedy Wilson increased net operating income at Bay Village by 121%, resulting in gain on sale of $20 million to Kennedy Wilson.

“Salt Lake City is experiencing some of the most significant population and wage growth in the country as well as a boom in commercial and infrastructure development that is fueling local investment activity,” said Shem Streeter, Managing Director at Kennedy Wilson. “We see a compelling opportunity to add value to Alpine Meadows and to bring it in line with Salt Lake City’s high-quality housing options that appeal to employees in the ‘Silicon Slopes,’ students, and many others who are moving to the region for lifestyle reasons.”

Located just 15 miles from Downtown Salt Lake City, Alpine Meadows is a low-density, garden style, two-tale walk-up apartment community with one-, two- and three-bedroom units in Sandy, Utah. The area is home to major tech companies including Adobe, EMC2, Microsoft, eBay, Intel, Overstock and Backcountry.com, as well as several local ski resorts and regional retail hubs.

Beginning immediately, Kennedy Wilson will implement a $3 million upgrade to refresh both unit interiors and the property’s common amenities that currently include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area.

The acquisition furthers Kennedy Wilson’s strategy of focusing investment activity in high-growth markets and reflects the company’s continued confidence in the Salt Lake City market. Kennedy Wilson’s multifamily portfolio has grown to 2,387 units in Salt Lake City, including Foothill Place, Sandpiper Apartments, Santa Fe Apartments and Cottonwood Heights, since first investing in the region in 2012.

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FORT MYERS, FL – InvestRes has bought Coral Pointe at the Forum, a multifamily property located in the North Lee County submarket of Fort Myers. Coral Pointe is a 252-unit community, which will be managed by InvestRes’s in-house property management division, ResProp Management.

Coral Pointe at the Forum is a high quality, Class A community constructed in 2017, offering one to three-bedroom apartment homes with floor plans of 545 to 1,350 square feet and several resident amenities. This was a multilateral transaction aimed at deferring capital gain liabilities for one of InvestRes’s partners who sold real estate elsewhere and worked with InvestRes in connection with a 1031 exchange into the property. 

The 252-unit garden-style walk-up community sits on 13 acres just minutes from I-75 and in the center of the Forum, a 700-acre mixed-use development project featuring convenient access to retail and employment hubs.

The community’s featured luxury pool is one of several amenities offered at Coral Pointe at the Forum. Other resident amenities include two gated paw parks, a club room featuring entertainment space and billiards, an updated fitness center, community-wide WiFi, and an outdoor social lounge for residents to delight in.

“We are excited to continue growing in Florida’s Gulf Coast market. Coral Pointe at The Forum is a fantastic fit for our investors: well-built, cash flowing, and located in a growing retail and entertainment hub. Fort Myers’ continues to post low vacancy and solid job growth in technology and healthcare sectors, and we believe that continued population growth will continue to drive demand for multifamily living,” said InvestRes CIO, Joe Facchini. 

With the addition of this recent acquisition, InvestRes has now bought nine properties this year and owns more than 6,700 units across Florida.

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INDIANAPOLIS, IN – Emma Capital Investments announced the acquisitions of Brandywine Apartments, a 296-Unit Community located at 8444 Rothbury Drive, Indianapolis; and The Hunt Club Apartments located at 5421 Calder Way, Indianapolis. These are Emma Capital’s 33rdand 34th buys in the United States, bringing its total acquisitions to date to approximately 9,000 apartment units.

Brandywine is a 296-unit apartment community built in 1974. With 100% of units containing original interior finishing, Brandywine is primed for a market-supported interior value-add initiative. Hunt Club is a 200-unit apartment community built in 1972 that offers an outstanding opportunity to focus on value-add strategies with potential rent growth.  Emma Capital intends to re-brand the Properties.

“We are pleased to add these properties to our portfolio in the Indianapolis market,” stated founding Partner and Co-Owner Haya Zilberboim. “The buy of both properties with a combined 496 units results in Emma Capital further expanding its presence in the Indianapolis market to a total of approximately 1,400 units over five properties. This increased scale will allow Emma Capital to realize efficiencies in the management of its Indianapolis properties. Furthermore, Brandywine and Hunt Club provide the ability to offer a unique variety of floor plans, which will enable Emma Capital to better cater to the individual tastes of potential residents.” 

“Indianapolis has a diverse and healthy economy in a variety of business sectors including insurance & financial services, healthcare, life sciences, technology and logistics,” added Partner and Co-Owner Oz Cohen. “With a skilled workforce, a tax-friendly structure for business, and an brilliant quality of life, the city and state offer an extremely attractive environment. With only 3.3% unemployment and 1.9% annual job growth, Indianapolis is well-positioned to continue its trajectory as a city with strong growth fundamentals, and we are extremely pleased to be a part of such growth.”  

“We feel that both Brandywine and Hunt Club are strong performers and are poised to benefit from value-add initiatives such as enhanced exterior and common area amenities, and unit interior upgrades,” stated Brian Rakowski, Emma Capital’s Indianapolis Asset Manager.

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