Seattle—Kennedy Wilson further expanded its Pacific Northwest portfolio recently, after completing an $81 million deal for an Auburn multifamily asset. The buyer invested $19 million worth of its own equity, and secured financing totaling $62.6 million worth of acquisition funding through Freddie Mac, at a fixed rate of 3.6 percent. The 10-year loan helped Kennedy Wilson complete the purchase of Belara at Lakeland.
Located at 6170 Terrace View Lane SE. in the Lakeland Hills master-planned community of Auburn, the property totals 430 garden-style units. Built in 2006, the community occupies 40 acres of land and offers an amenity package that includes a clubhouse, an outdoor pool, a playground and a fitness center. Its placement offers residents proximity to the SR-18, SR-167, and the I-5, as well as a presence within the desirable Dieringer School District.
According to real estate data provider Yardi Matrix, the community is operating at 3.7 percent vacancy. The average unit size at Belara at Lakeland is 957 square feet, while tenant pay an average of $1,397 for a unit at the community.
Following the acquisition, Kennedy Wilson’s portfolio reached more than 26,000 units in 135 residential communities. After the expansion, Kennedy Wilson Multifamily Investments Managing Director Shem Streeter noted that the firm’s expansion in the Seattle area comes as a result of its “high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.”
Image courtesy of Yardi Matrix