Global real estate investment company Kennedy Wilson has acquired Alpine Meadows, a 222-unit wholly owned apartment community in the Salt Lake City, Utah region, for $49 million.

Kennedy Wilson invested $20 million of equity in Alpine Meadows with a corresponding 10-year, $29 million loan at 4.28%. The property was acquired through a 1031 exchange with profits generated from the recent sale of Bay Village, a 50% owned 260-unit apartment community in Vallejo, California, that was built a decade before Alpine Meadows. Since 2010, Kennedy Wilson increased net operating income at Bay Village by 121%, resulting in gain on sale of $20 million to Kennedy Wilson.

“Salt Lake City is experiencing some of the most significant population and wage growth in the country as well as a boom in commercial and infrastructure development that is fueling local investment activity,” said Shem Streeter, Managing Director at Kennedy Wilson. “We see a compelling opportunity to add value to Alpine Meadows and to bring it in line with Salt Lake City’s high-quality housing options that appeal to employees in the ‘Silicon Slopes,’ students, and many others who are moving to the region for lifestyle reasons.”

Located just 15 miles from Downtown Salt Lake City, Alpine Meadows is a low-density, garden style, two-story walk-up apartment community with one-, two- and three-bedroom units in Sandy, Utah. The area is home to major tech companies including Adobe, EMC2, Microsoft, eBay, Intel, Overstock and, as well as several local ski resorts and regional retail hubs.

Beginning immediately, Kennedy Wilson will implement a $3 million upgrade to refresh both unit interiors and the property’s common amenities that currently include a clubhouse, fitness center, business center, dog park, basketball court, playground and barbecue area.

The acquisition furthers Kennedy Wilson’s strategy of focusing investment activity in high-growth markets and reflects the company’s continued confidence in the Salt Lake City market. Kennedy Wilson’s multifamily portfolio has grown to 2,387 units in Salt Lake City, including Foothill Place, Sandpiper Apartments, Santa Fe Apartments and Cottonwood Heights, since first investing in the region in 2012.