Global real estate investment and services firm Kennedy Wilson (NYSE:
KW) today announced that the Company purchased Bella Sonoma, a
280-unit apartment community located in Fife, WA, for $46.75 million
investing $11.1 million of equity in the transaction (inclusive of
closing costs). The Company also secured new debt of $37.3 million
through Fannie Mae with 5-years interest only, fixed rate over 10 years
at 3.59%. This acquisition increases the total 2014 purchases in the
Pacific Northwest to 2,185 units.
Fife is a suburb of greater Tacoma located just south of Federal Way and
is considered one of the more stable rental markets in the Greater Puget
Sound region. Bella Sonoma is 5 minutes from a Sound Transit stop which
commutes into Seattle & Tacoma. As a result of the property’s attractive
unit and property amenities and Fife’s highly ranked school district,
60% of the residents commute to the Seattle area where apartment rents
are significantly greater for similar product. In addition, many
residents commute 2 miles to the 2,725 acre Port of Tacoma, one of the
largest deep water port in the Northwest and the ninth largest container
port in North America.
“This is our third multifamily acquisition this year in this region of
Pierce County as KW continues to seek opportunities near strong
employment centers,” said Kurt Zech, President of Kennedy Wilson
Multifamily. “Fife is one of the fastest growing industrial markets in
the Pacific Northwest. We find the demographics and the proximity to a
large diversity of jobs very attractive.”
Built in two phases, 2004 & 2006, Bella Sonoma is a luxury residential
community which offers its residents numerous amenities. Bella Sonoma
was designed and constructed with superior quality finishes including
enhanced sound proofing, double-pane insulated windows, and large open
floor plans averaging 1,032 SF, with 35% of the units being townhomes
with attached garages.
Kennedy Wilson’s global multifamily portfolio now totals 20,719 units,
including 5,216 units in the Pacific Northwest. In addition, the Company
and an equity partner closed a 432-unit multifamily acquisition in Las
Vegas today in which the Company invested $700,000 of equity. Real
estate related acquisitions by the company and its equity partners
year-to-date total approximately $3.2 billion, which includes
approximately $2.4 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