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Kennedy Wilson Acquires Savier Street Flats for $60M

TIAA-CREF Investment Management Sells 179-Unit Multifamily Property
January 17, 2018
Kennedy Wilson Properties Ltd. (NYSE: KW), a global real estate investment company, acquired the 179-Unit Savier Street Flats at 2270 NW. Savier St. in Portland, OR from TIAA-CREF Investment Management LLC for $60 million, or about $335,000 per unit.

Savier Street Flats marks the buyer's third significant multifamily purchase in the Portland market in recent months. Kennedy Wilson purchased the Heatherwood Apartments in Gresham, OR for $51 million in October 2017, with plans to invest another $5 million in the property, and acquired the Latitude apartments in Happy Valley, OR for $58 million in September 2017.

Similar to what Kennedy Wilson did with Heatherwood Apartments, the buyer plans to invest up to $2 million to enhance the amenities, common areas, leasing office and property signage and branding for Savier Street Flats.

The four-story, 142,000-square-foot apartment community includes a mix of studio-, one- and two-bedroom units ranging in size from 553 to 1,062 square feet across two mid-rise buildings. Constructed in 2013, the LEED Platinum-certified building features a fitness center, indoor and outdoor lounges, a pet spa, a bike wash and repair station and controlled access parking for vehicles and bikes.

Gail Neuburg, Sam Lawhead, Robert Black and Tri Tran of ARA Newmark represented the seller.

Please see COMPS #4080611 for more information on this transaction.
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