Kennedy Wilson Buys $60M Portland Mixed-Use Community
- Dec 15, 2017
Kennedy Wilson has purchased Savier Street Flats, a 179-unit community in Portland, Ore., for $60 million. This transaction marks the company’s third large deal in the Portland area in recent months. Kennedy Wilson secured an eight-year loan for $33 million at a fixed rate of 3.5 percent and invested $27 million in equity. Greystar manages the asset.
Located at 2270 NW Savier St., in Portland’s Northwest neighborhood, the property is close to various shopping, dining and entertainment venues. Additionally, the Portland International Airport is approximately 15 miles away from the community.
The two four-story buildings feature a mix of studios, one- and two-bedroom units ranging in size from 511 to 1,135 square feet. Each unit provides amenities such as a dishwasher, walk-in closet, air conditioning and energy-efficient lighting. Additionally, the first floor includes more than 6,000 square feet of retail space. Common area amenities include:
- entertainment room with kitchen
- TV lounge
- pet wash
- bicycle storage
- bicycle repair room
- fitness center
- outdoor entertainment lounge with fire pit
- outdoor grills and projection screen
- business center
- community room
According to data provider Yardi Matrix, the community was 95 percent occupied as of October and has an average rental rate of $1,851. Kennedy Wilson’s latest transaction was the acquisition of a 343-unit community in Issaquah, Wash., for $135 million.
“With its relatively low cost of doing business, high quality of living and highly educated population, Portland has become one of the country’s strongest economies anchored by high-tech growth,” Kennedy Wilson Managing Director Shem Streeter said in a statement. “Like many of the major urban markets along the West Coast, all signs point to an increased need for well-located housing like what we are offering at Savier Street Flats.”
Image courtesy of Yardi Matrix