BEVERLY HILLS, CA – Kennedy Wilson announced the acquisition of five multifamily properties in an off-market transaction for $342 million. The assets were bought by various investment vehicles managed by Kennedy Wilson. The communities, located in Washington, Oregon, Colorado, Nevada and New Mexico, expand Kennedy Wilson s multifamily portfolio focused on institutional-quality, garden-style apartments in rapidly growing markets in the western United States.
Kennedy Wilson has an average ownership of 38% in the assets.
This off-market opportunity to buy a collection of well-located apartment communities is a fantastic way to cap off a year that emphasized improving our multifamily portfolio to include high-quality, income-generating communities where we are adding substantial value, said Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson s U.S. multifamily division. We are confident in the underlying demographics and economic fundamentals of these markets, and we are especially pleased to continue growing our presence across the Mountain States region.
Kennedy Wilson and its equity partners invested $122 million of equity in the portfolio, including closing costs. Kennedy Wilson s asset management plot includes adding and enhancing amenities and updating unit interiors across the portfolio.
The five-property portfolio contributes 1,008 units to Kennedy Wilson s growing multifamily presence in the Mountain States, which now totals approximately 8,300 multifamily units, including units under development. The portfolio also adds 449 units to Kennedy Wilson s Pacific Northwest portfolio, which now totals approximately 11,700 units, including units under development. The acquisition builds on the company s total multifamily portfolio of 29,500 units, including properties under construction.

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ATLANTA, GA – TerraCap Management, a privately held investment firm based out of Estero, Florida, announced the sale of The Arbors Apartments. The 140-unit multifamily development is located in the northeastern Atlanta suburb of Tucker. The Tucker submarket is one of the strongest and fastest growing submarkets in Atlanta, as rent growth has outpaced the metro average in recent years.
Matt Stewart, TerraCap Director of Asset Management, said, “The Arbors proved our original business plot more than two years ahead of schedule. We believed in the area and it fit with our theme of investing in submarkets with above average growth trends. The buyer will inherit an asset with significant potential as the growth continues in Tucker.
TerraCap bought the property in September 2017as part of a four-property, 1,100-unit multifamily portfolio buy for $116,000,000. Since acquisition, TerraCap renovated several units at the property which saw an increase in rental rates. TerraCap also hired First Communities Management, led by the team of Ed Romano and Lisa Davis, who handled property management at The Arbors and oversaw day to day operations at the property during their hold period.
“Geographically this property was the outlier in the larger portfolio acquisition,” said Steve Excellent, partner and National Director of Acquisitions for TerraCap. “But, it exceeded our expectations from the start, and we’re pleased with the outcome. We feel it’s a fantastic property and wish new ownership the best.”
David Gutting of JLL in Atlanta represented TerraCap on the sale. First Communities Management represented TerraCap on management.

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ORANGE PARK, FL – ResProp Management was selected to provide full-service property management for Park Village Apartments, located just South of Jacksonville in Orange Park, Fla. The garden-style property is composed of 120 units with one, two, and three-bedroom floorplan options ranging from 750-1,247 square feet.
Community life at Park Village offers a large swimming pool with spa and courtyard features, a club-quality fitness center, spacious dog park, clubhouse, playground, and a sand volleyball court. Other lifestyle advantages offered at Park Village include onsite laundry facilities and 24-hour emergency maintenance services.
With the recent addition of Park Village to the portfolio, ResProp Management now manages more than 6,500 units across Florida. This latest addition was made possible through the partnership with Mayfair Investments and Navarino Capital.
Luke Liens, Director of Business Development, states, “We are excited to be working with Mayfair Investments and Navarino Capital on their second Jacksonville-area asset. Both groups are very resident-centered, and we look forward to making a positive impact alongside them at Park Village Apartments.

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