SEATTLE, WA - Kennedy Wilson and the Real Estate business within Goldman Sachs Asset Management have acquired Coppins Well, a 236-unit high-rise apartment community in Seattle, Washington for $106.5 million, excluding closing costs. Completed in 2012, the 17-story building complements Kennedy Wilson’s significant multifamily presence in Washington, which now exceeds 10,000 market rate and affordable units.
“The acquisition of Coppins Well furthers our strategy of upgrading our portfolio with attractive investments in high-growth markets across the Western U.S. that offer a great quality of life for residents,” said Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson’s multifamily division. “Coppins Well was a unique opportunity for our team to acquire a well-built, infill community at a discount to replacement cost within Seattle’s urban core, where residents have generally maintained their employment and high incomes over the past 18 months through the uncertainty of the pandemic.”
Kennedy Wilson has a 30% ownership interest in Coppins Well, which the partnership acquired with a total equity investment of $44 million and a $66 million loan, and currently generates $3.5 million of net operating income. Beginning immediately, the team will roll out a value-add asset management plan that includes investing approximately $4 million to renovate unit interiors, refresh common areas and enhance amenities to improve the renter experience. The urban community currently features studio, one- and two-bedroom units and offers residents access to significant amenities including a movie lounge, fitness center and dog runs as well as a coffee house, restaurant and bank on the ground floor.
The Seattle MSA is one of the fastest growing markets in the United States and boasts a diversified economy with strong employment drivers. Listed among the most educated cities in the world, Seattle has emerged as a major global hub for leading technology, medical, and life science companies. The increasingly diverse economic base is also a host to well-established industries including aerospace, transport and tourism that have attracted young, educated professionals in search of well-paying jobs and a high quality of life.
Source: Kennedy Wilson