Kennedy-Wilson (KW) Announces $90M Acquisition of Seattle Multifamily Community
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Kennedy Wilson (NYSE: KW) 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.
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Equinox (Photo: Business Wire)
“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.
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