Kennedy Wilson Acquires Turnwater M-F Asset for $21M
- Sep 08, 2014
Kennedy Wilson is continuing its aggressive expansion policy in the Pacific Northwest with yet another multifamily purchase. The company invested roughly $21 million in the acquisition of the South Seattle asset. The company is the new owner of the Tabula Rasa property in Turnwater, Thurston County, which it acquired from a financial institution that had been its lender.
The buyer invested $8 million worth of equity in the transaction, and also secured a seven-year, $13.5 million loan from Freddie Mac. Following this transaction, Kennedy Wilson’s portfolio totals 19,531 residential units, more than a quarter of which are located in the Pacific Northwest region. According to Shem Streeter, managing director at Kennedy Wilson, the company acquired the property due to the current lack of new developments of this kind in the region. Furthermore, “the upward-trending rent growth, coupled with an attractive location in close proximity to the key employment centers, makes Tabula Rasa an exciting investment opportunity.”
Tabula Rasa is a 118-unit apartment property that was developed back in 2008. The condominium-quality asset features townhomes and flats, making it a premier rental property. Resident amenities include a Northwest-style lodge clubhouse and private two-car garages. The property is located in the immediate proximity of the I-5, as well as a generous offering of dining, retail and employment options. Thurston County is one of the top business places in the entire country in regards to the cost of living, job growth, recreational and cultural opportunities, and educational attainment.
According to a recently issued press statement announcing the acquisition, the investment was made in an area that “continues to remain one of KW’s top investment targets, and we expect to continue to seek opportunities within this region,” noted president of Kennedy Wilson Multifamily Kurt Zech.