Kennedy Wilson and Capri Capital Team Up

LOS ANGELES—Kennedy Wilson and Capri Capital Partners have purchased Bailey Farm Apartments, a 372-unit apartment community in Bothell, WA, a suburb of Seattle, from the Wolff Co. for $91.5 million. The purchase price includes $45.8 million in debt secured through a life insurance company.

“Our investment in Bailey Farm Apartments highlights Capri’s continued interest in investing in high-quality multifamily assets located in markets with strong underlying fundamentals,” says Ken Lombard, vice chairman of investments and a partner at Capri Capital Partners. “We are pleased to be teaming up with Kennedy Wilson on this off-market, lease-to-core investment, which is poised to capture the growing local residential demand, and we look forward to contributing to the ongoing revitalization of the Bothell market.”