Source: Kennedy Wilson / #Apartments #Multifamily
SEATTLE, WA - Global real estate investment company Kennedy Wilson announced that the company purchased a 430-unit multifamily property in the Seattle suburb of Auburn, Washington, for $81 million. The company invested $19 million of equity (inclusive of closing costs) and secured a 10-year loan of $62.6 million through Freddie Mac at a fixed-rate of 3.63% to acquire this wholly-owned property.
“We are excited to expand our footprint in the Seattle area,” said Shem Streeter, Managing Director of Kennedy Wilson Multifamily Investments. “Kennedy Wilson has been successfully investing in Washington for over a decade, and our deep knowledge of the local market will benefit the implementation of our asset management strategy at this property. This submarket has experienced both high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.”
Belara at Lakeland is a 430-unit garden style apartment community located in Auburn, WA. It was built in 2006 and is situated on 40 acres within the Lakeland Hills master-planned community. The property features a resident clubhouse, fitness center, outdoor pool, and playground and is located in the desirable Dieringer School District. Auburn is located at the convergence of the SR-18, SR-167, and 1-5, offering easy access to Seattle, Bellevue, and Tacoma, home to numerous Fortune 500 companies.
Kennedy Wilson’s global apartment portfolio includes 135 communities with approximately 26,000 units. The Company has an ownership interest in 9,893 units across 39 communities in the State of Washington.