BEVERLY HILLS, CA - Global real estate investment and services firm Kennedy Wilson announced that the company and its partners have teamed with Capri Capital Partners, LLC (“Capri”) to acquire Bailey Farm Apartments, a 372-unit apartment development in Bothell, a suburb of Seattle, Washington. The property was purchased from The Wolff Company for $91.5 million, including $45.8 million of debt through a life insurance company. Kennedy Wilson invested $4 million of equity in the transaction.
The Bailey Farm purchase follows two related acquisitions of a total of 456 apartment units in El Cerrito, California and Spokane, Washington in December 2013.
“We are pleased to have completed the acquisition of this property following the purchases of Village at Town Center and Big Trout Lodge in December,” said Kurt Zech, president of Kennedy Wilson’s Multifamily Management Group. “All three of these properties are very attractive assets acquired off market that complement our existing Western U.S. portfolio.”
Ken Lombard, Vice Chairman - Investments & Partner at Capri Capital Partners, stated, “Our investment in Bailey Farm Apartments highlights Capri’s continued interest in investing in high quality multifamily assets located in markets with strong underlying fundamentals. We are pleased to be teaming up with Kennedy Wilson on this off-market lease-to-core investment, which is poised to capture the growing local residential demand, and we look forward to contributing to the ongoing revitalization of the Bothell market.”
Built in 2013, Bailey Farm Apartments offers a mix of one, two and three-bedroom units averaging 877 square feet. The property sits at the foot of an enormous natural preserve next to North Creek Park and includes amenities such as a resort style swimming pool and spa, BBQ and picnic area, fire pit, yoga studio and world class 24-hour fitness room. The 20.6-acre site is located near major freeways, providing easy access to Seattle, Bellevue, and Everett. Top employers in the area include Boeing, Everett Naval Station, Washington State and Providence Medical Center.
“Employers such as Boeing have helped to drive the strongest population growth in the metro, supporting solid apartment demand,” commented Zech. “Downtown Bothell is experiencing an incredible amount of redevelopment that will benefit the property tremendously and continue the market’s strong rent growth.”
Source: Kennedy Wilson / #Apartments #Multifamily