Global real estate investment and services firm Kennedy Wilson (NYSE:KW)
today announced that the company purchased a 100% interest in Tabula
Rasa, an 118‐unit apartment community located in Tumwater, Washington
for $20.8 million. The asset was acquired from a financial institution
which had been the lender on the property. Kennedy Wilson invested $8.0
million of equity in the transaction (inclusive of closing costs) and
secured a seven-year $13.5 million loan through Freddie Mac.
“Given the positive fundamentals, we are excited about the prospects for
the Tumwater/Olympia market. The South Puget Sound continues to remain
one of KW’s top investment targets and we expect to continue to seek
opportunities within this region,” said Kurt Zech, President of Kennedy
Wilson Multifamily.
Tumwater, located in Thurston County, is known for leading schools, a
strong job base, high median home values, and easy access to
recreational activities. Thurston County has been ranked as one of the
top places in the U.S. to do business, recognizing its advantages
relative to many other communities in terms of cost of living, job
growth, recreational and cultural opportunities, and educational
attainment.
“Currently, there are almost no new multifamily developments in this
region,” says Shem Streeter, Managing Director at Kennedy Wilson. “The
upward trending rent growth, coupled with an attractive location in
close proximity to the key employment centers, make Tabula Rasa an
exciting investment opportunity.”
Built in 2008, Tabula Rasa is condominium quality with mostly townhomes
and spacious flats and designed as the premier rental community in the
Olympia region. It was built with a rustic Northwest style lodge club
house offering residents private 2-car garages and an abundance of
amenities. Tabula Rasa is situated in a highly desirable location within
Olympia and Tumwater with convenient access to shopping, dining,
employers, and I-5.
Kennedy Wilson’s global multifamily portfolio now totals 19,531 units,
including 4,936 units in the Pacific Northwest. Real estate related
acquisitions by the company and its equity partners year-to-date total
more than $2.6 billion, which includes approximately $2.0 billion
acquired by Kennedy Wilson Europe Real Estate plc.
About Kennedy Wilson
Founded in 1977, Kennedy Wilson is a vertically integrated global real
estate investment and services company headquartered in Beverly Hills,
CA, with 25 offices in the U.S., U.K., Ireland, Spain, Jersey and
Japan. The company, on its own or with partners, invests
opportunistically in a variety of real estate related investments,
including commercial, multifamily, loan purchases and originations,
residential, and hotels. Kennedy Wilson offers a comprehensive array of
real estate services including investment management, property services,
auction, conventional sales, brokerage and research. For further
information on Kennedy Wilson, please visit www.kennedywilson.com.
Copyright Business Wire 2014