Alara Harbour and Tivalli Communities Added to Kennedy Wilson’s Portfolio
- Mar 22, 2016
Seattle—Kennedy Wilson Real Estate Fund V recently completed the acquisition of two multifamily assets in the Seattle metro. The real estate investment fund completed two separate transactions to purchase Alara Harbour Pointe and Tivalli, paying a total of $141 million. Following the acquisitions, the company’s portfolio has reached 131 communities and about 25,000 units.
Financing for the acquisition came from a $92 million loan through Freddie Mac at an average rate of LIBOR +2.23 percent. The remaining $50 million were equity invested by the company.
Located in Mukilteo, Alara Harbour Pointe is a 230-unit apartment community that covers a 12-acre lot. The property offers proximity to the Seaway Center Business Park and Paine Field Airport, and is situated in the Mukilteo School District, one of the best rated in the state. The asset was purchased for $46.5 million.
Tivalli is located in Lynwood and offers 383 units. Built in 2014, the property was acquired by the fund for $94.3 million. The community sits one mile from Martha Lake, and about 20 minutes away from Seattle and Bellevue. Vintage at Urban Center, another Kennedy Wilson asset, is adjacent to Tivalli.
Image courtesy of liveattivalli.com