BEVERLY HILLS, CA – Global real estate investment company Kennedy Wilson (NYSE:KW) has entered into a new joint venture with a global institutional investor to buy and manage core-plus multifamily communities in the Western U.S.
The platform was seeded with an $800 million portfolio, including nine multifamily properties located in the Western U.S. that were previously wholly owned by Kennedy Wilson. As part of the transaction, Kennedy Wilson sold a 49% interest in these wholly owned assets to its partner. Kennedy Wilson will continue to have a 51% ownership stake in the new joint venture that will target approximately $700 million in additional core-plus acquisition opportunities.
The creation of the new platform and the sale of the ownership stake in the multifamily assets generated approximately $254 million in proceeds for Kennedy Wilson, which includes $92 million of proceeds from refinancing certain assets within the seed portfolio prior to the sale. The majority of these proceeds are expected to be reinvested into new wholly owned acquisitions.
We are honored to form a partnership with a prestigious, global investor to build our multifamily presence in targeted markets that offer residents relative affordability and a high quality of life, said William McMorrow, Kennedy Wilson Chairman and CEO. We have a long track record of identifying multifamily investment opportunities across the Western U.S. and we are grateful to have a strategic partner that will enable us to expedite the growth of our multifamily business.
The launch of the platform, along with recently announced acquisitions, has contributed to a dramatic increase in recent transaction activity at Kennedy Wilson as well as an expansion of its multifamily portfolio, which has grown from 30,000 units at year-end 2020 to approximately 32,000 units expected as of June 30, 2021. Kennedy Wilson currently expects further growth in its multifamily unit count as the Company redeploys the proceeds from the seed portfolio sale proceeds.

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DALLAS, TX – Wood Partners, a national leader in multifamily real estate development, is celebrating the grand opening of Alta Preston, Plano’s newest high-end residential community.
Located at 4950 Broadway Drive, Alta Preston places its residents in the heart of the action. Nearby retail centers include Stonebriar Mall, The Shops at Legacy and Legacy West Urban Village. Abundant restaurant and entertainment options, and the significant concentration of major employment centers, make this a highly attractive live-work-play environment. Nearby parks and bike trails round out the local attractions. Further, there is quick and simple access to the Dallas North Tollway and Sam Rayburn Tollway.
“Wood Partners has made a significant investment in Dallas, the surrounding metropolitan area and Texas, in general,” said Ryan Miller, Managing Director for Wood Partners. “The properties we’ve built have become part of the fabric of these communities. With Alta Preston, we’re opening the doors to a luxury property that is designed with an eye toward the needs of residents in Plano, tapping into a growing desire for upscale residences in this flourishing community. The refined elegance that Alta Preston offers, the desirable West Plano location, and accessibility to the broader region make for an ideal combination.”
In total, 212 spacious multifamily residences are available with an array of floorplans including studio, one, two and three-bedroom options, and the pet-friendly environment – complete with pet park and pet spa – ensures there’s a home option for everyone. Alta Preston’s high-quality finishes and designer appointments set the property apart. Chef-inspired kitchens feature quartz countertops, modern cabinetry with tile backsplashes and stainless-steel appliances. Open concept floor plans and wood-style plank flooring are reflective of the most sought-after design styles. Each residence includes full-sized washers and dryers, Honeywell Wi-Fi-enabled thermostats, Schlage control smart locks, USB outlets and other innovative touches. Bathrooms also feature modern quartz countertops and tile bath and shower surrounds.
Beyond the residences themselves, Alta Preston’s amenities offer the perfect harmony of relaxation and wellness. The resort-style outdoor areas include a spectacular swimming pool with in-water seating, adjoining tanning deck, a grilling station, shaded gathering terrace and abundant seating. The 24/7 fitness center includes a Precor cardio theater and Precor weight stations, plus top-of-the-line conditioning equipment. A private conference room and micro-office is available for reservation, and a comfortably furnished co-working space rounds out the business offerings.

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ATLANTA, GA – Viking Capital is proud to announce its acquisition of 23Thirty Cobb, a 222-unit apartment community in Smyrna, Georgia, in the Atlanta MSA. The property is located only one mile away from Truist Park, the home of the Atlanta Braves and was bought from institutional owners.
“With the acquisition of 23Thirty Cobb, Viking Capital adds another East Cobb/Smyrna asset to our portfolio,” said Viking Capital’s CEO, Vikram Raya. “Benefitting from its proximity to Atlanta’s Platinum Triangle/Galleria submarket and the I-75/I-285 interchange, East Cobb is one of Atlanta’s fastest growing and most accessible employment centers.”
Viking Capital plans to upgrade the property by renovating over 80% of the 222-unit interiors and updating the exteriors and amenities. Viking Capital has already begun plotting operational efficiencies such as the installation of smart thermostats, tracking/saving real time water consumption and other energy saving features.
“We approach every new deal with a focus on how we can elevate the experience of existing and future tenants,” said Raya. “Viking Capital will continue to prioritize our tenant base to increase the quality of their rental experience, with the expectation that meeting their needs will have a direct and positive impact on outcomes for members of the surrounding community, as well as our investing partners.”

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