Portland, Ore.—An affiliate of Kennedy Wilson has acquired Westview Heights, a 198-unit community located in the Beaverton submarket of Portland, Ore. The $29.5 million sales price equates to $148,990 per unit.
“The Westview Heights acquisition strengthens Kennedy Wilson’s strategic position in the Pacific Northwest region, with 3,801 units in nine communities,” says Robert Hard, president of KW Multifamily Management Group. “The renewed strength of the Beaverton submarket, which has recently experienced strong rent growth and robust job creation, provides excellent upside potential for this asset.”
Westview Heights is located in Portland’s Sunset Corridor, in close proximity to Intel, Tektronix and Nike. Amenities include a swimming pool and fitness center.
The acquisition increases Kennedy Wilson’s multifamily portfolio in the U.S. and Japan to 13,701 units. The firm’s acquisitions since the beginning of 2010 total $5.1 billion.
Red Capital Markets deploys $6M bond on affordable development
Mt. Healthy, Ohio—Red Capital Markets, the investment banking arm of Red Capital Group, recently deployed a $6 million bond for The Reserve on South Martin, a 60-unit affordable housing development being built in Mt. Healthy, Ohio.
The tax-exempt financing structure utilizes a proprietary approach that was developed by Red to streamline transaction costs and improve efficiency. Related entity Red Capital Partners has a commitment to purchase the entire $6 million bond issue on a draw-down basis as required by the demands of the construction schedule.
The project sponsor is Cincinnati Metropolitan Housing Authority, who is serving as the developer, general partner and management agent for the community. The construction phase is expected to be complete in the fall of 2012.
“Low income seniors struggle to find affordable housing solutions they can afford on fixed incomes,” says Ted Bergh, interim executive director at the Cincinnati Metropolitan Housing Society. “The Reserve on South Martin will meet a critical need in the community and will make a positive impact on the Mt. Healthy neighborhood.”
NorthMarq arranges $14.25M construction/mini perm
San Francisco–Dennis Williams, senior vice president and managing director of NorthMarq Capital’s San Francisco Regional office, arranged construction and permanent financing of $14.3 million for Pacific Terrace, a 41-unit multifamily property located at 1591 Pacific Avenue in San Francisco.
Financing was based on a two-year term for the construction portion and a five- to seven-year term for the mini-perm financing. Northmarq arranged this financing for the borrower, Wilson Meany Sullivan, through its relationship with Union Bank.
According to Williams, the asset is an urban infill new multifamily construction in one of the most desirable neighborhoods in San Francisco. He states, “Union Bank offered exceptional service and very competitive pricing on a quality project with exceptional sponsorship.”