Sandpiper Story
In November 2012, Kennedy Wilson acquired Sandpiper Apartments, a 366-unit multifamily community in Holladay, a suburb of Salt Lake City, Utah for $43.5 million. The property, which consists of 46 residential buildings on 36 acres, was built in five phases from 1969 through 1999 and has a highly unique low density of 10.57 units per acre. All of the units are townhomes or single level units, and each unit has either reserved covered parking or an enclosed garage outside of its entry. The floor plans consist of two, three, and four bedrooms averaging 1,160 square feet.
Shortly after purchasing the property, Kennedy Wilson commenced a value-add plan, transitioning the property into the market leader within the affluent area of Holladay, UT. The projects included building a new leasing center, replacement of all three pool decks and the addition of new pool furniture, a fire pit and outdoor kitchen area, replacement of all wood patio fencing with vinyl, a complete overhaul of landscaping, modernizing all building exteriors with new colors, building out a new fitness area overlooking one of the pools, renovation of unit interiors with high-end upgrades including granite counter tops, modern fixtures, and vinyl plank flooring, plus roof and asphalt replacement. In addition, the property was rebranded with fresher colors and a more modern logo on all signage and marketing material.