Kennedy Wilson Expands Pacific Northwest Portfolio with $127M in Acquisitions
- Aug 09, 2014
Kennedy Wilson recently expanded an already substantial multifamily portfolio in the Pacific Northwest, as the company acquired three properties in the greater Seattle area. The $127 million investment included equity and a financing component sourced from Freddie Mac.
The three properties are located in Olympia, Kent and University Place and total 1,212 residential units. The communities will bring Kennedy Wilson’s portfolio to a total of 19,547 units, with 5,016 of the units located in the Pacific Northwest region. The buyer invested $45 million in equity and assumed $85 million in financing, fixed at 4.25 percent.
Montair at Somerset Hill is a 396-unit residential community that includes one-, two- and three-bedroom apartments, with an average unit size of 933 square feet. Located in the Turnwater area of the city, the community offers views of nearby Puget Sound, Mount Rainier and the Capital Dome. The area includes a strong job market, good schools, high median home values, strong local retail and access to recreational amenities.
Rock Creek Landing in Kent totals 576 units, including studio units and one-, two- and three-bedroom residences, with an average size of 786 square feet. Located at the heart of the Kent Valley Employment Center and in the vicinity of the 20-acre retail lifestyle center that is Kent Station, the residential community benefits from an upward-trending local job market and easily accessible high-end retail.
Stone Pointe, in University Place, totals 240 units and offers a similar variety of layouts, with one-, two- and three-bedroom residences having an average size of 894 square feet. Located in the upscale University Place neighborhood of Pierce County, it is near a number of high-end schools, retail and dining options. The area features the site of the upcoming 2015 U.S. Open: the Chambers Bay Golf Course.
Image courtesy of montairatsomersethillliving.com