Kennedy Wilson (KW - Free Report) completed the construction of Clancy Quay — the largest multifamily community in Ireland — with its partner, adding 246 new units in the third phase. The company owns a 50% stake in the community.
The community is placed near Dublin City Center on the southern banks of the River Liffey and will offer 845 units to more than 1,800 residents. Given the demand for residential space in Dublin, the property will likely witness a healthy demand. Moreover, installations of smart innovation across the leasing and resident experience as well as modern resident amenities will also attract prospective renters.
Notably, Clancy Quay will likely benefit from Kennedy Wilson’s strong multifamily portfolio that has enjoyed high rent collections even through the pandemic due to premium locations of properties and top-class asset management programs.
Notably, the company purchased the 13.6-acre underutilized site in 2013 to start a seven-year phased development to add 422 units to the community.
Per management, “Clancy Quay represents the first of several global developments that are expected to complete in the near term as we continue to make excellent progress across all of our development initiatives”.
Moreover, Kennedy Wilson aims to deliver 4,100 new multifamily developments by 2024, of which 750 units are anticipated to be completed before the end of 2020. The new developments will expand the company’s global multifamily portfolio that currently has 30,000 units.
Further, the completion of Clancy Quay in Ireland strengthens the company’s position as an active multifamily real estate investor and operator in the country. In fact, Kennedy Wilson has more than 1,000 new multifamily units in its $500-million development projects that are currently underway in various stages of development.
While the developments will aid the company to benefit from the strong demand for housing and will fortify its footprint in key regions, it requires huge capital outlays and given the ongoing uncertain times, these capital-intensive activities are concerning.
Moreover, shares of this Zacks Rank #4 (Sell) company have slumped 24.9% over the past year compared with the industry’s decline of 12.3%.
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