Kennedy-Wilson Holdings Inc. , an international real estate investment and services company, recently acquired a multifamily apartment titled Harrington Square in Renton, Washington. The purchase price of the property was $41 million, with $26 million of loan financing and $15 million of equity investment by the company. The property was acquired from an undisclosed seller.
The 217-unit multifamily community is located in downtown Renton with easy access to the I-90 corridor which is home to many big companies. Post acquisition, Kennedy-Wilson will own nine apartment communities in the Pacific Northwest market totaling more than 3,000 units. The company expects that improving demand will increase the rental growth of the property going forward in the Seattle metro area. Consequently, the acquisition is expected to be accretive to the company.
Headquartered in Beverly Hills, California, Kennedy-Wilson offers a wide array of real estate services including auction, conventional sales, property services, and research and investment management. The company has 24 offices spread across the U.S., U.K., Ireland and Japan. Since 2010, Kennedy-Wilson, along with its institutional partners, has acquired approximately $7.0 billion worth of real estate and debt through consolidated investments. Currently, the multifamily portfolio of the company in the U.S., Ireland and Japan consist of 14,830 units. The company is currently focusing on markets with commuter friendly locations and good employment opportunities.
Kennedy-Wilson currently retains a Zacks #3 Rank, which translates into a short-term Hold rating. We have a long-term Neutral recommendation on the stock. One of its competitors, CBRE Group, Inc (CBG - Free Report) holds a Zacks #5 Rank, which translates into a short-term Strong Sell rating.