May 7, 2013

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Article

Foothill Place Apartment Community Changes Owners

Press Release

May 7, 2013

Salt Lake City —International real estate investment and services firm Kennedy Wilson has acquired Foothill Place, a 450-unit apartment community in Salt Lake City. The acquisition brings the company’s total investment in the area to $139 million, including 816 multifamily units and 325,832 square feet of retail properties.

“Salt Lake City is a great market for the company to invest in because it’s one of the few metro areas in the country where employment is now exceeding pre-recession levels,” said William McMorrow, chairman and CEO of Kennedy Wilson. “Also, the area’s population is increasing at about 1.7 percent per year, so we’re confident in the opportunity for further growth there. In fact, average apartment rental rates have risen approximately 4 percent year over year, while vacancy has dropped to about 5 percent.”

The company purchased Foothill Place for $61.8 million, investing $15 million of equity in the transaction and financing the purchase with a $49.7 million, 10-year Freddie Mac loan at 3.58 precent, fixed, through Berkeley Point.

“This asset is our second multifamily acquisition in the Salt Lake City area in the last six months, where we purchased Sandpiper Apartments in November of last year,” said Bob Hart, president of KW Multifamily Management Group. “Foothill and Sandpiper are excellent examples of Kennedy Wilson’s value-add repositioning strategy in markets that have stable job growth with high rental demand.”

Foothill Place is located close to the University of Utah and to Park City. The property, built in 1974, consists of 10 two- and three-story buildings situated on 18 acres. Amenities include two swimming pools, a volleyball court, dog park, rock climbing boulder and a clubhouse/leasing center with fitness center. Kennedy Wilson plans to add washers and dryers, in addition to renovating the majority of the units and adding selected upgrades to the property’s common areas.

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