Benzinga | Nov 2, 2021 10:44AM EDT

Kennedy Wilson, Goldman Sachs Asset Management Acquire 272-unit Apartment Community in Metro Denver Area for $95M

Kennedy Wilson and the Real Estate business within Goldman Sachs Asset Management have acquired Arista Uptown, a 272-unit garden-style apartment community in Broomfield, Colorado for $95 million, excluding closing costs. Completed in 2012, the property is spread across seven acres equidistant to Boulder and Denver and offers residents access to significant community amenities including a resort-style-pool, clubhouse, fitness center and dog park.

Kennedy Wilson has a 20% ownership in the acquisition that included a total $44 million equity investment and a $53 million loan. Beginning immediately, the team will roll out a value-add asset management plan that includes investing $4 million to renovate unit interiors, refresh common areas and enhance amenities to improve the renter experience.

"Arista Uptown meets a critical need for attainable, quality housing in the Denver metro area as residents feel the growing pressure of the high costs of living in city centers," said Nick Bridges, Managing Director at Kennedy Wilson, who oversees multifamily investments in the region. "We see significant long-term opportunity in adding Arista Uptown to our growing Mountain West portfolio, driven by the region's sustained population growth, continued influx of tech companies and new development that promises to attract even more jobs to the region. Broomfield and surrounding neighborhoods will continue to benefit as renters look to the suburbs for more space, relative affordability and easy commutes within a vibrant and growing market."

Arista Uptown is situated within Arista, a 200-acre transit-oriented master planned community located along the U.S. 36 Creative Corridor, one of the fastest-growing tech markets in the United States that is now home to several Fortune 500 companies. Companies including Ball Corp, Crocs, Medtronic and Oracle have all relocated to business parks within a 10-minute drive of Arista. Upon completion, Arista will feature 2,000 residential units, 150,000 square feet of retail, nearly 400,000 square feet of Class-A office space as well as Broomfield's UCHealth Campus and Children's Hospital Colorado.

About Kennedy Wilson

Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. We own, operate, and invest in real estate through our balance sheet and through our investment management platform. We focus on multifamily and office properties located in the Western U.S., U.K., and Ireland. For further information on Kennedy Wilson, please visit: www.kennedywilson.com.