Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the multifamily market, click here.)

FEDERAL WAY, WA-The Heights on West Campus, a 401-unit apartment development here, has changed hands for $51 million. Kennedy Wilson Multifamily Management of Beverly Hills, CA acquired the asset from Nevins, Adams, Lewbel & Schell of Santa Barbara, CA in an off-market transaction.

David Young and Tim Ufkes of Hendricks & Partners in Seattle had the disposition assignment for the 39-acre, 29-building property. Bank of America provided acquisition financing.

KW Multifamily CEO Bob Hart describes the apartment complex as “one of the remaining un-renovated apartment communities left in Federal Way.” The business plan calls for a $4.3-million renovation and repositioning.

The Heights is KW Multifamily’s second major purchase in the Seattle submarket recently. In November, it paid $58 million for the nearby 518-unit Stonehaven at West Campus.

“The strong Seattle economy has increased the demand for housing, while rising interest rates have made it more difficult for people to own,” Hart says. “This has intensified the demand for apartments.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS Fall 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.