DUBLIN – Global real estate investment company Kennedy Wilson and its equity partners reached a new milestone with the completion of Capital Dock, one of the largest mixed-use developments ever made in Ireland, that is transforming Dublin’s South Docklands. The iconic city campus development spans 4.8 acres, providing over 690,000 square feet of new mixed-use space, including offices, retail and multifamily units, as well as more than 1.5 acres of public park space that will soon serve thousands of people.

Through the build out, approximately 1,300 construction workers were based onsite, with the development expected to support hundreds of permanent jobs when fully built. Over 200,000 tons of concrete, 15,000 tons of steel and 7,500 panes of glass were used during construction.

The community has already begun welcoming some of the largest names in tech and finance that will serve as the foundation to energize the new campus. J.P. Morgan, a Fortune 50 bank, and the world’s #1 jobs site, Indeed, have committed to occupy all of the available office space, and are preparing their new offices for occupancy in 2019.

This past week, Ireland’s Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, joined Kennedy Wilson and NAMA in the penthouse of the newly completed 22-tale multifamily tower that is the country’s tallest residential building and serves as the gateway to the community. The group marked the launch of the multifamily building and the introduction of a new standard of services and amenities to the Dublin rental market. Beginning in January 2019, the 190 multifamily units will be available to rent, with five-star resident amenities, dedicated on-site concierge, resident lounges, cinema, professional gym, business suites and chef’s kitchen.

The amenities extend to the public realm, including a landscaped park and square that include designated cultural space along Grand Canal Docks. The project will also welcome new retailers in the coming year, including a flagship restaurant and bar with a terrace, a gourmet grocer and additional artisanal food and beverage offerings.

“We are so proud of what the team has accomplished here in Dublin at Capital Dock with what’s been our largest scale development to date, and to deliver high-quality residences within such a vibrant market,” said William McMorrow, Chairman and CEO of Kennedy Wilson. “When we started conceptualizing Capital Dock years ago, we envisioned making a new heart for the Docklands that brought people together in modern work spaces and gorgeous outdoor areas, while raising the bar for residential rentals. To see the area come to life and our vision come to fruition is incredibly satisfying and reinforces the exciting future of the Docklands and the greater Dublin market.”

Speaking at the completion ceremony, Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD said, “Kennedy Wilson’s Capital Dock is a significant development, making critically needed commercial and residential space in the growing South Docklands. The diverse Capital Dock campus fits well with Dublin’s long-term future as an innovative and successful European city, at the heart of modern Ireland. Projects like Capital Dock are key components in increasing the supply of private, rented residential units in the city and also in attracting FDI to Ireland.”

While the completion of Capital Dock marks the end of Kennedy Wilson’s five-year development journey to bring the project to life, it is the beginning of its exciting asset management program for this landmark city campus. Kennedy Wilson and an equity partner took direct ownership of the site in mid-2013, secured zoning approvals and joined with NAMA in December 2014, a year before breaking ground on the site in November 2015 and the start of vertical construction in September 2016.

Kennedy Wilson is one of the most active real estate investors and operators in Ireland, with significant development underway across €1.0 billion of assets throughout the country, including more than 1,300 new multifamily units in various stages of development on prominent Dublin projects including Clancy Quay, The Grange and City Block 3.

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HOUSTON, TX – Keener Investments announced that it has bought a 314-unit multifamily portfolio in League City, TX. The properties will be managed by Keener Management, and Keener Construction will renovate the unit interiors, upgrade amenities, and perform light exterior upgrades.

“This portfolio is a significant addition to our growing footprint in the Houston Bay Area,” said Stephen A. Smith, Chief Executive Officer of Keener Investments. “We continue to seek acquisitions that allow us to leverage our management and renovation teams and this portfolio adds scale to our ongoing efforts in the immediate area.”

The portfolio consists of two multifamily communities, one is named The Shore (176-units) and the other is named Harbor Walk (138-units). Both properties are Class-B, were built in the mid-1980s, and have an average unit size of 880 square feet. Both properties boast rich amenities that include a swimming pool, fitness center, business center, and private playground.

The properties benefit from their proximity to major retail and employment such as NASA, Clear Lake Regional Medical Center, UTMB, and the shipping and petrochemical industries located at the Port of Texas City. Both properties are zoned to Clear Creek ISD.

Keener Investments has now completed over $150 million in transactions since 2016 and is continuing to actively buy multifamily communities in Texas that fit our value-add strategy.

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ALISO VIEJO, CA – NB Private Capital, the new investment firm founded by Brian Nelson, previously of Nelson Brothers Professional Real Estate, has closed on The Element, a student housing property near Sacramento State University. The property, built in 2003 and renovated in 2016, was offered as a Delaware Statutory Trust and eligible for 1031 investors. The property was 100 percent occupied upon syndication with 12-month leases. The initial total offering price was $91,800,350, of which approximately $38.5 million came from investor equity.

The property has 216 units and 792 beds with a mix of one, two, three and four-bedroom floor plans. As part of its renovation, The Element features stainless-steel appliances, common area furniture, window treatments and additional amenities like a resort-style pool, high-tech fitness center, study lounge, tanning bed, covered half-court basketball, lighted sand volleyball court, game room and private campus shuttle.

“2018 has been an incredible year for the NB Private Capital team. With the completion of The Element syndication we have raised $64 million year-to-date and $40 million since our re-introduction to the investment world as NBPC,” said Founder and President Brian Nelson. “In addition to many of the same people who propelled Nelson Brothers Professional Real Estate to one of Inc. 500’s Top 5 fastest growing real estate firms in the country, we have been adding to our teams. Our primary focus continues to be performance, communication and relationships.”

As it relates to The Element, Nelson added “Finding and buying quality real estate has always been at the core of our model and The Element is no exception. The city of Sacramento is growing and has led the nation in rental growth rates over the last couple of years. The same is right for Sacramento State University, which has been setting enrollment records year-after-year. To be able to buy a class-A property in this market, with best-in-market amenities, is a real win for us.”

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