Kennedy Wilson Cashes Out in Japan

Kennedy Wilson takes advantage of a strengthening real estate market; and Marcus & Millichap facilitates the sale of a property in an energy market.

Beverly Hills, Calif.—A strengthening Japanese real estate market has led global real estate investment and services firm Kennedy Wilson to a 2,410-unit multifamily portfolio disposition in Japan. Kennedy Wilson began assembling this particular 50-property portfolio back in 2006. The deal values the properties at $472 million, including the assumption of mortgage debt and net assets.

Proceeds are in the $100 million range, which is roughly a $64 million cash profit over the life of the investment. These profits will be invested into both new opportunities and value-add initiatives in the firm’s portfolio in the United States and Europe, according to Matt Windisch, executive vice president of Kennedy Wilson.

Kennedy Wilson will continue to manage the portfolio for a minimum term of three years. The firm also plans to invest alongside the purchaser to retain 5 percent of the equity interests in the portfolio.

Marcus & Millichap facilitates the sale of community in energy market

Greeley, Colo.—Marcus & Millichap announced the sale of Columbine Apartments, a 108-unit apartment community located in Greeley, Colo. The asset sold for $6.73 million, which equates to a price per unit of $62,269. Jacob Steele, associate vice president investments, and Nick Steele, senior associate, both in Marcus & Millichap’s Denver office, facilitated the sale.

Columbine Apartments is a garden-style apartment community located at 3208 West 7th Street in Greeley. Columbine is well located in interior Greeley and provides resident an attractive unit mix and community amenities.

“The Greeley market is one of the tightest rental markets in Colorado currently, despite the turmoil in the oil and gas market,” Nick Steele said. “Area owners are experiencing little to no vacancy. Columbine Apartments will benefit from the strength of the market and an anticipated renovation of the property.”