A publicly-traded real estate firm based in Beverly Hills, CA announced it would buy three apartment complexes and a future apartment site.
Kennedy Wilson Holdings said it would pay $143 million for The Lofts at Ten Mile and Jasper in Meridian, and Towne Square Apartments in Boise. KW will own The Lofts at Ten Mile outright, and partnered with Boise-based Roundhouse to buy Jasper and Towne Square.
The three properties include 640 apartment units. Another unnamed site purchased by Kennedy Wilson already has the approval to build 240 additional units somewhere in Meridian.
The company said it acquired each of the apartment sites from different owners.
“We anticipate continued growth in population and employment in the Boise area as both individuals and employers seek relative housing affordability, lower taxes, a friendlier business environment, better infrastructure, and access to the outdoors,” Kennedy Wilson Managing Director Nick Bridges said. “These trends, which existed for years leading up to the pandemic, were accelerated over the last year as portions of the two largest segments of the population, baby boomers and millennials, sought a higher quality of life in the Mountain States…”
Roundhouse, Kennedy Wilson continue partnership
Kennedy Wilson and Roundhouse previously partnered to build The Clara in Eagle – which is currently in the leasing phase.
Kennedy Wilson calls itself a “global real estate investor” and operates 12 offices in the US and Europe. It operates an office in Boise as well as other west coast cities. It owns all or a portion of more than 80 complexes in the western United States.
In Boise, it owns several complexes, including Reedhouse in SE Boise. When it purchased that complex, it rebranded the apartments, started a remodel project, and raised rents by 40% in 2019, according to reporting by BoiseDev’s Margaret Carmel (who worked at the Idaho Press at the time). Kennedy Wilson didn’t announce plans for the newly acquired Boise-area complexes.
Boise-based Roundhouse, formerly known as LocalConstruct, is separately at work on several new projects, including Hearth (formerly known as the Cartee) and a large mixed-use project in Boise’s west downtown area.
Disclosure: Roundhouse is a BoiseDev advertiser. It had no role in the selection or production of this story.