Seattle—Kennedy Wilson and its partner announced the acquisition of Radius, a community located at 400 Boren Ave. North in the South Lake Union submarket of Seattle, for $141 million. The two companies invested a total of $72 million of equity and secured a 10-year, fixed-rate loan of $70 million, at a rate of 4.1 percent interest-only for the first five years.
The 282-unit, LEED Certified Silver Radius is currently at a 95 percent occupancy and offers studios and one- and two-bedroom floorplans ranging from 426 to 1,194 square feet, according to Yardi Matrix. The community features amenities such as a fitness center; a gaming room; a private media room; a clubhouse; 290 parking spaces; an indoor corridor; views of Lake Union and the Space Needle from its two rooftop terraces; washers and dryers in all units; high ceilings; hardwood floors; monitored security and private balconies and patios.
“Radius is an exciting addition to our Seattle apartment portfolio,” said Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Seattle’s South Lake Union neighborhood features some of the best rental demographics in the country, including a thriving job market and close proximity to many high growth companies. Our significant presence in the Seattle market allows us to leverage our existing operational expertise all while upgrading the overall quality of our portfolio through these two transactions.”
The property is within walking distance to employers such as Amazon, Facebook, the Fred Hutchinson Cancer Research Center and a future 607,000-square-foot Google campus. Radius is conveniently located near major freeways, providing quick access to the I-5, SR-99 and downtown Seattle.
Including this new acquisition, Kennedy Wilson now has an ownership interest in 10,430 units across 41 communities in Washington state. JLL Managing Directors David Young and Corey Marx brokered the deal.
“Radius is a prime example of the quality and location investors are seeking in Seattle’s booming Central Business District,” Young told Multi-Housing News. “The expansion of major technology companies in the immediate vicinity of the building, combined with the attention to detail in each unit and common space are traits that made this a highly sought after investment opportunity.”
Image courtesy of Yardi Matrix