Company purchases Harrington Square for $41M
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Dec. 14, 2012--
International real estate investment and services firm Kennedy
Wilson (NYSE:KW) today announced the acquisition of
Harrington Square, a 217-unit multifamily community in Renton,
Washington. The company purchased the property for $41 million,
investing $15 million of equity in the transaction with Fannie Mae
providing $26 million of financing at 3.35%, fixed for ten years.
Kennedy Wilson previously owned the loan on the property, purchasing it
at a discount in September of this year.
“This transaction exemplifies Kennedy Wilson’s ability to source off
market deals and utilize the various areas of expertise within the
company,” stated Matt Windisch, executive vice president of Kennedy
Wilson. “We were able to purchase the debt on the property at a
discount, work out a deal directly with the borrower to purchase the
property and secure financing in less than 90 days.”
With the addition of Harrington Square, the company now owns nine
apartment communities in the Pacific Northwest market, for a total of
more than 3,000 units. Built in 2011, the property is a core asset in
north Renton, appealing to professionals in Bellevue, Kent Valley and
downtown Seattle. It offers convenient access to the I-90 corridor,
which is home to companies such as Microsoft, Costco World Headquarters,
Siemens and Farmers Regional Headquarters.
“Harrington Square fits our multifamily value-added acquisition program
of targeting projects in job centric, commuter friendly locations such
as downtown Renton, where the Boeing Company is producing its newest
plane, the Dreamliner, and jobs are plentiful,” said Bob Hart, president
of KW Multifamily Management Group. “This asset will be well positioned
to take advantage of rental income growth opportunities in the Seattle
metro area, following its stabilization and recent lease-up.”
Kennedy Wilson, together with its institutional partners, has acquired
approximately $7.0 billion of real estate and real estate related debt
since the beginning of 2010. The company’s multifamily portfolio in the
U.S., Ireland and Japan totals 14,830 units.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is an international real estate
investment and services company headquartered in Beverly Hills, CA with
24 offices in the U.S., U.K., Ireland, Spain and Japan. The company
offers a comprehensive array of real estate services including auction,
conventional sales, property services, research and investment
management. Through its fund management and separate account businesses,
Kennedy Wilson is a strategic investor of real estate investments in the
U.S., U.K., Ireland and Japan. For further information on Kennedy
Wilson, please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha
VP of Corporate Communication
310-887-6294
[email protected]
www.kennedywilson.com