Kennedy Wilson Acquires 343-Unit Apartment Community in Greater Bellevue for $135 Million
Washington multifamily portfolio now totals over 10,000 units
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--
Global real estate investment company Kennedy Wilson (NYSE:KW) (“KW”)
has acquired Atlas, a wholly-owned 343-unit apartment community in
Issaquah, WA, for $135 million. KW invested $52 million of equity, and
secured a 10-year interest only loan for $84 million at a fixed-rate of
3.86%. The purchase reflects KW’s continued confidence in the Washington
market, where the multifamily group’s portfolio has grown to over 10,000
units.
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Atlas, a 343-unit apartment community in Issaquah, Washington (Photo: Business Wire)
Atlas was one of four properties acquired through a 1031 exchange with
proceeds generated from the recent sale of Summer House, a wholly-owned
615-unit apartment community in Alameda, CA. Constructed in 2016, Atlas
is 50 years newer than Summer House and incorporates contemporary
architecture as well as a highly sought after outdoor-oriented lifestyle
just minutes from the job centers of the Seattle metro area.
“Our company is focused on pursuing attractive investment opportunities
across the Seattle metro area, and we have identified Issaquah as a
particularly desirable eastside submarket with significant potential for
continued growth,” said Shem Streeter, Managing Director at KW. “Atlas
is a top-tier property uniquely set in an infill location and it is a
fantastic addition to our portfolio. It furthers our strategy of
upgrading the overall quality of our assets while expanding our presence
in markets with limited new supply.”
Atlas includes a mix of studio, one, and two-bedroom units ranging from
513 square feet to 1,239 square feet across five mid-rise buildings. The
brand-new community includes a fitness center and exercise studio,
co-working pods as well as lounge areas, a fire pit and a large
furnished outdoor courtyard with seating and BBQ grills.
Located at the base of the Cascade mountain range, Atlas offers easy
access to hundreds of acres of parks, hiking and biking trails and a
512-acre waterfront state park within a region expected to see
significant job growth over the next decade. The adjacent I-90 corridor
is home to many major employers including Microsoft, Siemens, T-Mobile
and Costco, and Atlas is situated in a highly walkable location with
many shopping and dining options just blocks from the property. Across
the street from Atlas, the Issaquah Commons shopping center has recently
opened a new Trader Joe’s, Starbucks, Safeway and Target.
The acquisition of Atlas is the second significant purchase for KW in
Issaquah in recent months. The team secured 90 East, a 573,000
square-foot office campus in Issaquah this summer, and within four
months of taking ownership, the KW team negotiated a lease extension on
177,000 square feet with Costco. The lease was extended an additional
seven years beyond the existing term, securing long-term stability for
this well-located office asset.
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.
KW-IR

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Kennedy Wilson
Investors
Daven Bhavsar, CFA
Director
of Investor Relations
+1 (310) 887-3431
[email protected]
or
Media
Emily
Heidt
Director of Public Relations
+1 (310) 887-3499
[email protected]
Source: Kennedy Wilson