May 7, 2013

Cover Story

CEO of the Year

Utah’s business landscape is rich with professionals who have le...Read More

Featured Articles

Did you go Skiing this winter?

Around Utah

Sections

Spotlight
Martin Plaehn

Spotlight
Karen Sendelback

Legal Briefs
Social Media and Employers: Friends or Enemies?

Money Talk
The Case for HSAs

Economic Insight
Time to Show Up

Lessons Learned
Make a Move

TechKnowledge
In the Lab

EntrepreneurEdge
Rent to Own

Business Trends
Back from the Dead

Living Well
Artful Inspiration

Features
A Breath of Fresh Air

Features
Worst-Case Scenario

Regional Report
Northern Utah

Focus
Measure Up

Industry Outlook
Travel & Tourism

Players
Players

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.

Utah Business Social
UB Events View All
CEO of the YearUtah Business Event
Mar 20, 2015
Utah Business Magazine and Presenting Sponsors - Holland & Hart and Newmark Grubb ACRES - are pro...
Job Summit 2015Utah Business Event
Apr 10, 2015
Position your company as a Premier Employer in today's competitive job market! Utah Business maga...
30 Women to WatchUtah Business Event
May 21, 2015
Utah Business magazine and Snell and Wilmer are proud to announce the 18th annual 30 Women To Wat...
Community Events View All
CEH - Certified Ethical Hacker
Mar 6, 2015
Learn to hack like a pro, while pleasing the boss! The ethical hacker is usually a trusted employ...
Sandler Foundational Selling Strategies
Mar 10, 2015
How committed are you to improving your sales process, techniques and mindset? Sandler Trainin...

info@utahbusiness.com  |  90 South 400 West, Ste 650 Salt Lake City, Utah 84101   |  (801) 568-0114

Advertise with Utah Business

Submit an Event

* indicates required information
* Event Name:
Price (general):
Website (if applicable):
Coordinator's Name:
Coordinator's Email:
Coordinator's Phone:
Venue Name:
Venue Address:
Venue City:
Venue Zip:
Event Capacity:
Date(s):
to
* Event Description:
  Cancel