(To read more on the multifamily market, click here.)
FEDERAL WAY, WA-The Heights on West Campus, a 401-unit apartment development here, has changed hands for $51 million. Kennedy Wilson Multifamily Management of Beverly Hills, CA acquired the asset from Nevins, Adams, Lewbel & Schell of Santa Barbara, CA in an off-market transaction.
David Young and Tim Ufkes of Hendricks & Partners in Seattle had the disposition assignment for the 39-acre, 29-building property. Bank of America provided acquisition financing.
KW Multifamily CEO Bob Hart describes the apartment complex as "one of the remaining un-renovated apartment communities left in Federal Way." The business plan calls for a $4.3-million renovation and repositioning.
The Heights is KW Multifamily's second major purchase in the Seattle submarket recently. In November, it paid $58 million for the nearby 518-unit Stonehaven at West Campus.
"The strong Seattle economy has increased the demand for housing, while rising interest rates have made it more difficult for people to own," Hart says. "This has intensified the demand for apartments."
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