U.S. real estate investment company Kennedy Wilson has bought Cottonwoods Apartments, a wholly-owned 188-unit apartment community in Boise, Idaho for $24 million.
The apartments are located in Southeast Boise between a private lake and the Boise River, providing most of the units with waterfront views. The acquisition reflects a continued focus on recycling capital into properties with value-add components in high growth markets.
Kennedy Wilson said that with Cottonwoods, it has the opportunity to take a very well-located property and add significant value through a top-to-bottom renovation program that will bring the property in line with the best multifamily properties in the area.
Kennedy Wilson will initiate a large-scale renovation and rebranding of the property. More than $6 million will be invested to upgrade the unit interiors, improve the clubhouse, fitness center and pool, and address deferred maintenance projects.