BOISE, IDAHO — Kennedy Wilson has acquired Cottonwoods Apartments, a multifamily community in Boise, for $24 million. The company invested approximately $11 million of equity, including closing costs, and secured a $14 million loan from Freddie Mac at a fixed rate of 4.33 percent for 10 years. A private seller sold the property in an off-market transaction.
Kennedy Wilson plans to immediately initiate a large-scale renovation and rebranding of the 188-unit property. The company plans to invest more than $6 million to upgrade the unit interiors, improve the clubhouse, fitness center and pool, and address deferred maintenance projects. Upon completion the apartment community, which was built in 1986, will be renamed Reedhouse.
This transaction is Kennedy Wilson’s fifth significant purchase in the Boise market since the company started investing in the region in 2014. Kennedy Wilson’s other assets include Whitewater Park, Edgewater, River Pointe and Rosewood Apartments.