SEATTLE, WA – Kennedy Wilson and Goldman Sachs Asset Management's real estate business have acquired a 236-unit, high-rise apartment community in Seattle, WA for $106.5 million, excluding closing costs.
The partnership acquired the property, Coppins Well, with a total equity investment of $44 million and a $66 million loan. Kennedy Wilson holds a 30% ownership interest in the property.
The two firms plan to implement a value-add asset management plan immediately, which will consist of investing $4 million to renovate unit interiors, refresh common areas and enhance amenities.
Built in 2012, the 17-story community currently offers studio, one-bedroom and two-bedroom floorplans. The property features amenities including a movie lounge, a fitness center, dog runs, a coffee house, a restaurant and a bank.
"The acquisition of Coppins Well furthers our strategy of upgrading our portfolio with attractive investments in high-growth markets across the Western US that offer a great quality of life for residents," says Shem Streeter, senior managing director at Kennedy Wilson. "Coppins Well was a unique opportunity for our team to acquire a well-built, infill community at a discount to replacement cost within Seattle's urban core, where residents have generally maintained their employment and high incomes over the past 18 months through the uncertainty of the pandemic."
With the recent acquisition, Kennedy Wilson's Washington multifamily portfolio now totals more than 10,000 market rate and affordable units.
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