SANDY, UTAH — Kennedy Wilson has acquired Alpine Meadows, a wholly owned apartment community located at 845 E. 9000 South in Sandy, for $49 million. The name of the seller was not disclosed.
Situated 15 miles from downtown Salt Lake City, Alpine Meadows is a low-density, garden-style community with one-, two- and three-bedroom units. Kennedy Wilson plans to implement a $3 million upgrade to the 222-unit property to refresh unit interiors and common-area amenities. Current amenities include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area.
The company invested $20 million of equity in the property with a corresponding 10-year, $29 million loan at a 4.28 percent interest rate. Alpine Meadows was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50 percent owned, 260-unit apartment community in Vallejo, Calif.