Kennedy Wilson JV Buys $107M Seattle Community
A $4 million renovation is in store for the high-rise.
A joint venture between Kennedy Wilson and Goldman Sachs Asset Management has acquired the 236-unit Coppins Well in Seattle for $106.5 million. The total equity investment in the property was $44 million, along with a $66 million loan. According to Yardi Matrix data, Holland Partners is the former owner of the asset.
Currently, Coppins Well generates $3.5 million in net operating income. The partnership intends to inject approximately $4 million into the renovation of unit interiors and common areas, as well as the addition of new amenities.
The 17-story property is located at 1000 Minor Ave. in the metro’s First Hill neighborhood, less than a mile northeast from downtown Seattle and roughly half a mile northwest from Seattle University.
Built in 2012, the high-rise features studios, and one- and two-bedroom units ranging from 505 square feet to 1,280 square feet, according to the same data provider. Community amenities include a movie lounge, a fitness center, a community room and 107 parking spaces. The ground floor retail space houses a coffee house, restaurant and bank.
Kennedy Willson has a 30 percent ownership interest in Coppins Well, with the company rapidly expanding in the Seattle lately. Last fall, Kennedy Wilson purchased two other communities in the metro—The Bristol at Southport and Geo Shoreline—for a total of $265 million. All these acquisitions are in line with the company’s strategy of upgrading its portfolio within high-opportunity markets.