In November 2018, Kennedy Wilson acquired Reedhouse (formerly Cottonwoods Apartments) in an off-market transaction in Boise, Idaho.
Reedhouse is a 118-unit apartment community located in Southeast Boise between a private lake and the Boise River, providing most of the units with waterfront views. Boise State University and Downtown are just minutes from the property, and residents have direct access to public transportation, lush parks and walking paths, including the 25-mile Boise River Greenbelt that follows the river through the heart of the city.
Kennedy Wilson acquired Reedhouse in November 2018 for $24 million, and nine months later unveiled a major rebranding and repositioning of the apartment community that included a top-to-bottom makeover of the clubhouse, leasing center, fitness center and pool deck, as well as the creation of a new outdoor BBQ and kitchen amenity that helps better connect residents with the outdoors. As part of the overall value-add program, the team is also updating unit interiors, exterior lighting and landscaping, while improving energy and water efficiency throughout the site.
In line with Kennedy Wilson’s commitment to environmental stewardship, amenities in the Reedhouse Apartments have been replaced or upgraded to limit environmental waste. Financing through Freddie Mac’s Green Up Program is projected to help reduce water consumption by 25% by 2021 and save 1.4 million gallons of water per unit per year. These reduced costs will directly benefit residents.