BELLEVUE, WA—Beverly Hills, CA-based Kennedy Wilson's Real Estate Fund V has acquired a 100% interest in LIV Bel-Red, a 451-unit multifamily community in Bellevue, WA. The amount of the property was $172 million.
Fund V invested $58 million of equity (inclusive of closing costs) and secured a 10-year loan of $115 million through Fannie Mae at a rate of LIBOR + 2.31%.
“We are excited to increase our footprint within the Bel-Red corridor with this high quality asset,” explains Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Bel-Red is in the early stages of an ongoing transformation with the expansion of mass transit, lifestyle amenities, and new development of globally-recognized firms.”
According to Streeter, Kennedy Wilson has been successfully investing in Washington for over a decade. “Our deep knowledge of the local market will benefit the implementation of our asset management strategy at this property.”
LIV Bel-Red is a class-A apartment community. The property was built in 2015 and consists of 451 apartments with gourmet kitchens with quartz countertops, stainless steel appliances, tile backsplashes, oversized windows and in-unit washer/dryers. LIV Bel-Red consists of four buildings, each with rooftop decks fully-equipped with amenities including lounge furniture, dining areas, outdoor televisions, and BBQs.
The Bellevue submarket has a diverse employment base, including Microsoft's world headquarters, Boeing, Expedia, Salesforce, Symetra Financial and many other Fortune 500 companies in neighboring cities, according to a prepared release. Bellevue also boasts some of the top public schools in the country, and is located near the expansion of a light rail extension which will offer service to and from Seattle.
Kennedy Wilson is a 12% investor in Fund V. The company now has an ownership interest in 10,344 units across 40 communities in the State of Washington.
BELLEVUE, WA—Beverly Hills, CA-based Kennedy Wilson's Real Estate Fund V has acquired a 100% interest in LIV Bel-Red, a 451-unit multifamily community in Bellevue, WA. The amount of the property was $172 million.
Fund V invested $58 million of equity (inclusive of closing costs) and secured a 10-year loan of $115 million through
“We are excited to increase our footprint within the Bel-Red corridor with this high quality asset,” explains Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Bel-Red is in the early stages of an ongoing transformation with the expansion of mass transit, lifestyle amenities, and new development of globally-recognized firms.”
According to Streeter, Kennedy Wilson has been successfully investing in Washington for over a decade. “Our deep knowledge of the local market will benefit the implementation of our asset management strategy at this property.”
LIV Bel-Red is a class-A apartment community. The property was built in 2015 and consists of 451 apartments with gourmet kitchens with quartz countertops, stainless steel appliances, tile backsplashes, oversized windows and in-unit washer/dryers. LIV Bel-Red consists of four buildings, each with rooftop decks fully-equipped with amenities including lounge furniture, dining areas, outdoor televisions, and BBQs.
The Bellevue submarket has a diverse employment base, including
Kennedy Wilson is a 12% investor in Fund V. The company now has an ownership interest in 10,344 units across 40 communities in the State of Washington.
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