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SEATTLE — Kennedy Wilson has purchased a three-property multifamily portfolio in South Seattle for $127 million. The portfolio contains a total of 1,212 units.
The transaction includes the 396-unit Montair at Somerset Hill in the Tumwater area of Olympia; the 576-unit Rock Creek Landing in Kent; and the 240-unit Stone Pointe in University Place.
Notable employers in the area include Boeing, the Port of Tacoma, the State of Washington, Evergreen College and St. Peter’s Hospital.
The firm invested $45 million of equity in the transaction and assumed $85 million of Freddie Mac financing, which has a fixed interest rate of 4.25 percent.