Kennedy Wilson Sells $109M Seattle Asset

The 576-unit property was 97.9 percent occupied as of May. The company purchased the asset in 2014 for $57.8 million from Holland Partners.
Rock Creek Landing

Rock Creek Landing

Kennedy Wilson sold Rock Creek Landing, a 576-unit community in Kent, Wash. for $109 million, or $188,368 per unit.

Located at 1024 N. Central Ave., the property is in close proximity to various retail, restaurants and entertainment venues such as WinCo Foods, AMC Southcenter 16, Regal Cinemas Parkway Plaza 12 and Target. Kent Historical Museum and AMC Kent Station 14 are within walking distance.

Rock Creek Landing is pet friendly and offers amenities such as:

  • Free Wi-Fi
  • Business center
  • Community clubhouse
  • Saline pool and hot tub
  • Playground
  • On-site management
  • Resident TV lounge

Value-add opportunity

The two- and three-story buildings consist of one-, two- and three-bedroom units averaging 757 square feet. According to data provider Yardi Matrix, the community was 97.9 percent occupied as of May. The asset last traded in 2014, when Kennedy Wilson acquired it for $57.8 million from Holland Partners.

“This sale demonstrates our ability to leverage our vertically integrated investment platform to identify undermanaged investments where we can create value through the execution of our asset management program,” Shem Streeter, managing director of Kennedy Wilson Multifamily Investments, said in a statement. “With an abundance of older multifamily housing stock in our target markets, we look to continue replicating our value-add asset management strategy on new investment opportunities.”

Image courtesy of Yardi Matrix