Company’s global multifamily portfolio totals 19,547 units, including
5,016 units in the Pacific Northwest
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Jul. 31, 2014--
Global real estate investment and services firm
Kennedy
Wilson
(NYSE: KW) today announced that the company acquired a
multifamily portfolio comprised of three properties located across
southern submarkets of Seattle, Washington. The portfolio consists of
1,212 units and was purchased for $127 million.
Kennedy Wilson
invested
$45 million of equity in the transaction and assumed $85 million of
financing, fixed at 4.25%, from Freddie Mac.
“Kennedy Wilson is pleased to continue to grow our Pacific Northwest
portfolio with the acquisition of these three assets,” said
Kurt Zech,
president of Kennedy Wilson’s Multifamily Management Group. “All three
properties are located within the Puget Sound Region, which is ranked in
the nation’s top ten for job growth and rent growth.”
Located in the Tumwater area of Olympia, WA, Montair at Somerset Hill
consists of 396 units and offers a mix of one-, two- and three-bedroom
units averaging 933 square feet. Residents of the property enjoy 180
degree views of the Puget Sound, Mount Rainier and the Capital Dome. The
Tumwater area boasts top schools, a strong job base, high median home
values, strong local retail and access to recreational amenities.
Rock Creek Landing is situated in Kent, WA, and is comprised of 576
units, which include a mix of studios, one-, two- and three-bedroom
units averaging 786 square feet. The property is set in the heart of the
Kent Valley Employment Center, and Kent Station, a 20-acre retail
lifestyle center, is located less than a mile from the property,
providing tenants with convenient access to high-end retail.
Stone Pointe
is located in University Place, WA, and offers 240 one-,
two- and three-bedroom units averaging 894 square feet. The property is
found in the exclusive University Place neighborhood in Pierce County
and is surrounded by upscale single-family neighborhoods, grocery
stores, restaurants and top-rated schools. It is also located just two
miles east of Chambers Bay Golf Course, host of the 2015 U.S. Open.
According to Zech, “Employers such as Boeing and the Port of Tacoma,
which have a significant presence in Pierce County and Kent Valley, are
actively creating new jobs, and Olympia is one of the state’s most
stable economies due to major employers such as the State of Washington,
Evergreen College and St. Peter’s Hospital. There is virtually no new
supply in the pipeline in South King County, Tacoma or Olympia so the
area is currently poised for significant rent growth.”
Kennedy Wilson’s global multifamily portfolio now totals 19,547 units,
including 5,016 units in the Pacific Northwest. Real estate related
acquisitions by the company and its equity partners year-to-date total
more than $2.2 billion, which includes approximately $1.7 billion
acquired by Kennedy Wilson Europe Real Estate plc.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global 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, on its own or with partners, invests opportunistically in a
variety of real estate related investments, including commercial,
multifamily, loan purchases and originations, residential, and
hotels. Kennedy Wilson offers a comprehensive array of real estate
services including investment management, property services, auction,
conventional sales, brokerage and research. For further information on
Kennedy Wilson, please visit www.kennedywilson.com.
Source: Kennedy Wilson
Kennedy Wilson
Christina Cha, 310-887-6294
VP of Corporate
Communication
[email protected]
www.kennedywilson.com