Kennedy-Wilson Holdings, Inc. [NYSE: KW] has announced the addition of two fully-owned apartment assets to its Seattle, Washington portfolio. The Kennedy Wilson team purchased The Bristol at Southport for $191 million and Geo Shoreline for $74 million. The two assets join Kennedy Wilson’s multifamily portfolio centered primarily on high-quality residences situated in fast-growing markets across the Western United States.
Kennedy Wilson make an investment of $109 million of equity, including completion costs, in the two properties and secured $158 million in 10-year, fixed-rate financing at a weighted average interest rate of 3.35 percent. The purchase adds to the recent deal’s activity at Kennedy Wilson as well as an increase in the multifamily portfolio of the firm. The portfolio has grown from 30,000 units at year-end 2020 to nearly 32,000 units at the close of Q2 2021.
The Bristol at Southport
The Bristol at Southport is a dual-property waterfront apartment center. It was established in 2002 and 2008 within the Southport mixed-use master-planned community. It includes a waterfront boardwalk, restaurants, Class-A office that will serve 4,500 workers to the area upon lease-up, as well as a four-star Hyatt Regency hotel.
Geo is situated in Seattle submarket Shoreline. It is a 2020-established luxury apartment community with top-class facilities including co-working space, a 24-hour fitness, and training facility, roof-top deck, and lounges, as well as a dog park and dog grooming center. The suites are adjacent to some of the world’s most successful firms as well as the Shoreline light rail expansion, which would increase convenience to and from Shoreline in 2024.