Source: Kennedy Wilson / #Apartments #Multifamily
BELLEVUE, WA - Global real estate investment company Kennedy Wilson announced that Kennedy Wilson Real Estate Fund V acquired a 100% interest in LIV Bel-Red, a 451-unit multifamily community in Bellevue, Washington, for $172 million. Fund V invested $58 million of equity and secured a 10-year loan of $115 million through Fannie Mae at a rate of LIBOR + 2.31%.
“We are excited to increase our footprint within the Bel-Red corridor with this high quality asset,” said Shem Streeter, Managing Director of Kennedy Wilson Multifamily Investments. “Bel-Red is in the early stages of an ongoing transformation with the expansion of mass transit, lifestyle amenities, and new development of globally-recognized firms. 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.”
LIV Bel-Red is a class-A apartment community located in Bellevue, WA. The property was built in 2015 and consists of 451 apartments with gourmet kitchens with quartz countertops, stainless steel appliances, tile backsplashes, oversized windows and in-unit washer/dryers. LIV Bel-Red consists of four buildings, each with rooftop decks fully-equipped with amenities including lounge furniture, dining areas, outdoor televisions, and BBQs. The affluent Bellevue submarket has a diverse employment base, including Microsoft’s world headquarters, Boeing, Expedia, Salesforce, Symetra Financial and many other Fortune 500 companies in neighboring cities. Bellevue also boasts some of the top public schools in the country, and is located near the expansion of a light rail extension which will offer service to and from Seattle.
Kennedy Wilson is a 12% investor in Fund V. The Company now has an ownership interest in 10,344 units across 40 communities in the State of Washington.