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Kennedy Wilson Closes on $127M Acquisition of Seattle Multifamily Portfolio

Holland Ptnr Grp Mgmt Divests 1,200 Units Across Southern Suburbs
August 1, 2014
Stone Pointe Apartments in University Place, WA
Stone Pointe Apartments in University Place, WA
Global real estate investment and services firm Kennedy Wilson (NYSE: KW) has acquired a multifamily portfolio of three properties in the Seattle, WA market for $127 million, or about $105,000 per unit, from Holland Partner Group Management, Inc. The portfolio consists of 1,212 units across the southern submarkets of Thurston, King, and Pierce Counties.

KW invested $45 million of equity in the transaction, and assumed $85 million of existing financing from Freddie Mac, fixed at 4.25 percent. The company's global multifamily portfolio now totals more than 19,500 units, including 5,000 in the Pacific Northwest.

"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.

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.

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.

Both parties handled the direct sale in-house.

Please see CoStar COMPS #3081825 for additional information on this transaction.

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