Washington apartment portfolio totals 10,430 units
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy
Wilson (NYSE:KW) today announced that the company and its
partner acquired Radius, a 282-unit multifamily community in the South
Lake Union submarket of Seattle, Washington, for $141 million. In a
50/50 joint-venture, the company and its partner invested a total of $72
million of equity, of which $58 million was funded from the December
2016 sale of The Grove, a 331-unit apartment community built in 1964 in
San Jose, California. The partnership also secured a 10-year fixed-rate
loan of $70 million at a rate of 4.06%, interest-only for the first five
This Smart News Release features multimedia. View the full release here:
Radius (Photo: Business Wire)
“Radius is an exciting addition to our Seattle apartment
portfolio,” said Shem Streeter, Managing Director of Kennedy Wilson
Multifamily Investments. “Seattle’s South Lake Union neighborhood
features some of the best rental demographics in the country, including
a thriving job market and close proximity to many high growth companies.
Our significant presence in the Seattle market allows us to leverage our
existing operational expertise all while upgrading the overall quality
of our portfolio through these two transactions.”
Radius is a class-A apartment community located in Seattle, WA. The
property was built in 2015 and consists of 282 apartments offering
tenants a modern, amenity-rich lifestyle. Radius’ amenity package
includes two rooftop decks, gaming room, fitness center, and a private
resident media room. Radius is located directly across the street from
the world headquarters and main campus of Amazon and walking distance to
over 10 million square feet of additional Amazon office space. The
property is also walking distance to employers such as Facebook, the
Fred Hutchinson Cancer Research Center, and a future 607,000 sq. ft.
Google campus. Radius is next to many shops and restaurants, and is
conveniently located near major freeways, providing quick access to the
I-5, SR-99 and downtown Seattle.
The company now has an ownership interest in 10,430 units across 41
communities in the State of Washington.
About Kennedy Wilson
Kennedy Wilson (NYSE:KW) is a global real estate investment company. We
own, operate, and invest in real estate both on our own and through our
investment management platform. We focus on multifamily and commercial
properties located in the Western U.S., UK, Ireland, Spain, Italy and
Japan. To complement our investment business, the Company also provides
real estate services primarily to financial services clients. For
further information on Kennedy Wilson, please visit www.kennedywilson.com.
Special Note Regarding Forward-Looking Statements
Statements in this press release that are not historical facts are
“forward-looking statements” within the meaning of U.S. federal
securities laws. These forward-looking statements are estimates that
reflect our management’s current expectations, are based on assumptions
that may prove to be inaccurate and involve known and unknown risks.
Accordingly, our actual results or performance may differ materially and
adversely from the results or performance expressed or implied by these
forward-looking statements, including for reasons that are beyond our
control. For example, we may not be able to maintain our current
acquisition or disposition pace or identify future properties to acquire
on terms we consider attractive, and our current property portfolio may
not perform as expected. Accordingly, you should not unduly rely on
these statements, which speak only as of the date of this press release.
We assume no duty to update the forward-looking statements, except as
may be required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170206005343/en/
Daven Bhavsar, CFA
of Investor Relations
Source: Kennedy Wilson