Kennedy Wilson Buys $135M WA Community

The three five-story buildings offer a mix of studios, one- and two-bedroom units averaging 827 square feet. The community is close to various park, trails and hiking trails.

Atlas in Issaquah, Wash.
Atlas in Issaquah, Wash.

Kennedy Wilson has purchased Atlas, a 343-unit community located in Issaquah, Wash., for $135 million. The company secured a 10-year loan for $84 million and invested $52 million of equity.

Located at 1036 NW 7th Ave., the property is 11 miles southeast of Bellevue and 17 miles east of Seattle. The three five-story buildings offer a mix of studios, one- and two-bedroom units ranging in size from 447 to 1,197 square feet. Atlas features common area amenities such as:

  • barbecue grills and fireplaces
  • 24-hour fitness center
  • clubhouse with billiards and lounges
  • EV charging stations
  • bike storage
  • free Wi-Fi

Completed this year, the community offers convenient access to Interstate 90. The area which is home to major employers such as Microsoft, Siemens, T-Mobile and others. Additionally, Atlas is close to various parks, hiking and biking trails. Kennedy’s latest Seattle multifamily transaction was the sale of $109 million Rock Creek Landing, a 576-unit community in Kent, Wash.

“Our company is focused on pursuing attractive investment opportunities across the Seattle metro area, and we have identified Issaquah as a particularly desirable eastside submarket with significant potential for continued growth,” Shem Streeter, managing director at Kennedy Wilson, said in a statement. “Atlas is a top-tier property uniquely set in an infill location and it is a fantastic addition to our portfolio. It furthers our strategy of upgrading the overall quality of our assets while expanding our presence in markets with limited new supply.”

Image courtesy of Yardi Matrix