Kennedy Wilson Fund Nabs Bellevue Community
- Sep 19, 2016
By Jeffrey Steele
Beverly Hills, Calif.–Kennedy Wilson Real Estate Fund V has acquired a 100 percent interest in LIV Bel-Red in Bellevue, Wash. The 451-unit community went for $172 million.
Including closing costs, the fund invested $58 million in equity. Through Fannie Mae, it secured a 10-year loan for $115 million. The rate is LIBOR plus 2.31 percent.
Real estate investment firm Kennedy Wilson is a 12 percent investor in the fund. Including the acquisition, the company has an ownership stake in 10,344 units in 40 state of Washington municipalities.
A Class A apartment community with four buildings, LIV Bel-Red was built last year. Its apartments feature gourmet kitchens with quartz countertops, stainless steel appliances, tile backsplashes, oversize windows and in-unit washers and dryers.
Among the common-area amenities are rooftop decks with lounge furniture, dining areas, outdoor TVs and barbecues.
LIV Bel-Red also offers a business center-conference room, concierge services, a dog-washing station, party rooms, a two-level fitness center with fitness on demand, a wine lounge, bike storage and a bike repair station. A “sports-lovers lounge” includes big-screen TVs, a pool table, shuffleboard and arcade games.
“We are excited to increase our footprint within the Bel-Red corridor with this high-quality asset,” said Kennedy Wilson Multifamily Investments Managing Director Shem Streeter. “Bel-Red is in the early stages of an ongoing transformation, with the expansion of mass transit, lifestyle amenities and new development of globally recognized firms. Kennedy Wilson has been successfully investing in Washington for over a decade, and our deep knowledge of the local market will benefit the implementation of our asset management strategy at this property.”
An affluent Seattle submarket, Bellevue has a diverse employment base. Among area employers are Boeing, Expedia, Salesforce, Symetra Financial and many other Fortune 500 companies. Microsoft is Bellevue’s largest employer.
Bellevue is also situated near a light-rail expansion offering service to Seattle. Its schools are among the top public schools in the United States.