Kennedy Wilson Real Estate Fund V Acquires Two Apartment Communities in Metro Seattle for $140.8M
MUKILTEO AND LYNNWOOD, WASH. — Kennedy Wilson Real Estate Fund V (Fund V) has acquired two multifamily properties in the metro Seattle area for a total of $140.8 million. Fund V invested $50 million in equity and secured the remainder of the capital through Freddie Mac. Kennedy Wilson (NYSE: KW), a global real estate investment company, is a 12 percent investor in Fund V.
In the first transaction, Fund V acquired Alara Harbour Point for $46.5 million from SVF Harbour Pointe Mukilteo LLC. The 230-unit multifamily property is located at 4500 Harbour Pointe Blvd. in Mukilteo, a northern suburb of Seattle. The property features amenities such as a fitness center, picnic areas, business center, swimming pool and clubhouse.
Unit amenities at Alara Harbour Point include stainless steel appliances, walk-in closets, high-speed Internet access and balconies or patios. The complex was built in 1998 and is situated on 12 acres within a master-planned community. All buildings within the complex are three stories.
In the second transaction, Fund V purchased Tivalli, a 383-unit property, for $94.3 million from GRE Ash way LLC. Amenities at the complex include a 7,000-square-foot lodge, swimming pool, indoor basketball court, yoga studio, outdoor amphitheater, outdoor lounge with fireplace and fitness center.
Floor plans at the Tivalli consist of studio, one-, two- and three-bedroom units. Each apartment features stainless steel appliances, in-unit washers and dryers and USB chargers. All of Tivalli’s buildings are six stories. Built in 2014, Tivalli is located at 15631 Ash Way in Lynnwood, approximately 16 miles north of Seattle.
“The Snohomish County submarket, where these two assets are located, features many employers from a variety of industries, including aerospace, high-tech, biotech, healthcare and life sciences,” says Kurt Zech, president of Kennedy Wilson Multifamily Investments. “The area benefits from high office occupancy rates, a well-educated workforce and consistently low unemployment rates.”
Kennedy Wilson now has a global apartment portfolio that includes 131 communities and over 25,000 units. The company has an ownership interest in 9,566 units across 39 communities in the state of Washington.
Kennedy Wlison’s stock price closed on Thursday, March 10, at $20.85 per share, down from $25.73 a year ago.
— Christina Cannon