Kennedy Wilson Fund V Acquires 451-Unit Multifamily Community in Bellevue, WA for $172M
Company’s Washington portfolio exceeds 10,000 units
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy
Wilson (NYSE: KW) today announced that Kennedy Wilson Real Estate
Fund V (“Fund V”) acquired a 100% interest in LIV Bel-Red, a 451-unit
multifamily community in Bellevue, Washington, for $172 million. Fund V
invested $58 million of equity (inclusive of closing costs) and secured
a 10-year loan of $115 million through Fannie Mae at a rate of LIBOR +
2.31%.
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LIV Bel-Red (Photo: Business Wire)
“We are excited to increase our footprint within the Bel-Red corridor
with this high quality asset,” said Shem Streeter, Managing Director of
Kennedy Wilson Multifamily Investments. “Bel-Red is in the early stages
of an ongoing transformation with the expansion of mass transit,
lifestyle amenities, and new development of globally-recognized firms.
Kennedy Wilson has been successfully investing in Washington for over a
decade, and our deep knowledge of the local market will benefit the
implementation of our asset management strategy at this property.”
LIV Bel-Red is a class-A apartment community located in Bellevue, WA.
The property was built in 2015 and consists of 451 apartments with
gourmet kitchens with quartz countertops, stainless steel appliances,
tile backsplashes, oversized windows and in-unit washer/dryers. LIV
Bel-Red consists of four buildings, each with rooftop decks
fully-equipped with amenities including lounge furniture, dining areas,
outdoor televisions, and BBQs. The affluent Bellevue submarket has a
diverse employment base, including Microsoft’s world headquarters,
Boeing, Expedia, Salesforce, Symetra Financial and many other Fortune
500 companies in neighboring cities. Bellevue also boasts some of the
top public schools in the country, and is located near the expansion of
a light rail extension which will offer service to and from Seattle.
Kennedy Wilson is a 12% investor in Fund V. The Company now has an
ownership interest in 10,344 units across 40 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. Furthermore, the capitalization rate of our
investments represents the net operating income of an investment for the
year preceding its acquisition or disposition divided by the purchase or
sale price. Capitalization rates represent historical performance and
are not a guarantee of future net operating income. 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.
KW-IR

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Kennedy Wilson Inc.
Investors
Daven Bhavsar
Director
of Investor Relations
(310) 887-3431
[email protected]
Source: Kennedy Wilson