LOS ANGELES — Kennedy Wilson has purchased a majority interest in Vintage Housing Holdings (VHH), which owns certain interests in a Western-based multifamily portfolio. The real estate investment and services company acquired a 61 percent equity ownership in VHH for $78 million, giving this portfolio a valuation of about $486 million.
The portfolio contains 30 multifamily properties with a total of 5,485 units throughout the West. The properties are primarily located in Washington (3,796 units), California (756 units) and Nevada (544 units).
The units were built, on average, in 2006. The portfolio has produced net operating income of about $12 million, year to date, as of April 31, 2015, according to Kennedy Wilson. The firm now maintains a portfolio of more than 25,000 multifamily units, including more than 9,000 units in the State of Washington.
VHH, the portfolio’s developer and manager, will maintain a 39 percent equity interest. It will also continue to manage the portfolio.