Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that the company and an equity partner acquired Equinox, a 204-unit multifamily community in Seattle, Washington, for $90 million. The company and its equity partner invested $38 million of equity (inclusive of closing costs), of which the company’s share is 51%. The partnership also secured a 10-year loan of $53 million through Freddie Mac at a rate of LIBOR + 2.11% with interest only for five years. The acquisition was primarily funded by the company and its equity partner with $24 million of net proceeds from the sale of the Reserve, a multifamily community in Federal Way, Washington, completed in September 2016.

“The acquisition of Equinox represents a unique investment opportunity to acquire a well-located asset designed with condo finishes and featuring large floorplans and panoramic lake and skyline views,” said Shem Streeter, Managing Director of Kennedy Wilson Multifamily Investments. “Both transactions in the greater Seattle area demonstrate our ability to recycle capital from an asset where we realized significant value creation into a high-quality asset in a thriving submarket with future asset management potential.”

Equinox is a class-A apartment community located in Seattle, WA. The property was built in 2009 and consists of 204 apartments with stainless steel appliances, custom cabinetry, crown molding, and granite countertops. Equinox’s amenity package includes a rooftop deck with lake views, a large recreational game room with a kitchen, and a fitness center with a yoga studio. The property is one mile away from the South Lake Union submarket and within walking distance to employers such as Amazon’s headquarters, Facebook, the Fred Hutchinson Cancer Research Center, and a future 607,000 sq. ft. Google campus. Equinox is also walking distance to many shops and restaurants, and is conveniently located within one block of an I-5 exit, providing quick access to the SR-99 and downtown Seattle.

About Kennedy Wilson

Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that the company acquired The Townhomes at Lost Canyon, a 157-unit multifamily community in Santa Clarita, California for $61 million. The company invested $19 million of equity (inclusive of closing costs) and secured a 10-year fixed rate loan of $43 million through Fannie Mae at 3.63% to acquire this wholly-owned property.

“We are excited to expand our presence in the greater Los Angeles area with another high quality asset,” said Nicholas Bridges, Managing Director of Kennedy Wilson Multifamily Investments. “We believe this community will attract those who want access to LA’s jobs and amenities but who also desire an outstanding public school system and a high quality of life.”

The Townhomes at Lost Canyon is a class-A apartment community located in Santa Clarita, CA. Situated on 12.5 acres, the property was built in 2013 and is entirely comprised of 3 bed, 2.5 bath townhomes featuring high-end condominium-level specs and all with two-car, direct access garages. Best-in-class amenities at the property include a swimming pool and spa, fully equipped fitness center, enclosed dog park, and a kid’s playground. The Santa Clarita Valley is a thriving center for high-paying industry clusters such as advanced manufacturing, medical devices, aerospace and defense, information technology, and digital media and entertainment.

Kennedy Wilson’s global apartment portfolio includes 133 communities with approximately 26,000 units, including 25 communities and 8,808 units in which the company has an approximate 99% ownership interest.

Global real estate investment company Kennedy Wilson (NYSE: KW) today announced that the company purchased a 430-unit multifamily property in the Seattle suburb of Auburn, Washington, for $81 million. The company invested $19 million of equity (inclusive of closing costs) and secured a 10-year loan of $62.6 million through Freddie Mac at a fixed-rate of 3.63% to acquire this wholly-owned property.

“We are excited to expand our footprint in the Seattle area,” said Shem Streeter, Managing Director of Kennedy Wilson Multifamily Investments. “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. This submarket has experienced both high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.”

Belara at Lakeland is a 430-unit garden style apartment community located in Auburn, WA. It was built in 2006 and is situated on 40 acres within the Lakeland Hills master-planned community. The property features a resident clubhouse, fitness center, outdoor pool, and playground and is located in the desirable Dieringer School District. Auburn is located at the convergence of the SR-18, SR-167, and 1-5, offering easy access to Seattle, Bellevue, and Tacoma, home to numerous Fortune 500 companies.

Kennedy Wilson’s global apartment portfolio includes 135 communities with approximately 26,000 units. The Company has an ownership interest in 9,893 units across 39 communities in the State of Washington.