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Kennedy Wilson acquired the 264-unit Heatherwood Apartments in Gresham for $51M, with plans to spend $5M for improvements to the unit interiors, the leasing office, building exterior and common amenities over the next few years.
Heatherwood was built in 1997 and offers studio, one-, two- and three-bedroom units averaging 886 SF. It is over 90% occupied, and serves as a more affordable rental option relative to properties within Portland, according to Kennedy Wilson.
Gresham is a growth market. Twenty-eight companies have relocated to the suburb since 2015, fostering growth in the life-science research, education, software and health services sectors. Even so, Gresham has seen very little new multifamily product.
The deal comes on the heels of the company's $58M purchase of Latitude Apartments in Happy Valley in September, and it said Heatherwood fits within its strategy of seeking value-add properties in the Pacific Northwest. Kennedy Wilson’s multifamily group owns more than 11,000 units in the Pacific Northwest.
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