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Creekview, Sante Fe Apts. Fetch $92.5M in Salt Lake City

Kennedy Wilson Adds 580 Units to Expanding Multifamily Portfolio
February 23, 2018
Kennedy Wilson Properties, a global real estate investment company, acquired two apartment complexes totaling 580 units in Salt Lake City and Midvale, UT from DiNapoli Capital Partners for $92.5 million, or approximately $160,000 per unit.

Santa Fe Apts. at 1550 E. Fort Union Blvd. totals 492 units in 26, three-story buildings on nearly 20 acres. The garden-style community comprises one- and two-bedroom units.

Creekview Apts. at 967 E. South Union Ave. in Midvale comprises one- and two-bedroom units in four, three-story buildings. The multifamily complex totals 88 units ranging from 700 to 1,200 square feet and delivered in 1988.

Kennedy Wilson plans to invest $5.3 million across both apartment complexes, which are less than one mile apart and managed by Alliance Residential Co.

“With its dynamic economic climate, well-run state government and highly educated workforce, Salt Lake City consistently emerges as a compelling market for real estate investment,” said Shem Streeter, managing director at Kennedy Wilson.

Kennedy Wilson’s multifamily portfolio totals 1,396 units in the Salt Lake City area.

Both parties were represented in-house.

For more information on this transaction, please refer to CoStar COMPS #4123008.
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