Located at 1102 158th Pl. SE and 1324 Mill Creek Rd, the development includes one- and two-bedroom units. Common area amenities include a clubhouse, covered parking, business center, fitness center, three swimming pools, tennis court, playground, laundry room and two indoor spas. KW plans to invest an additional $7.2 million upgrading units and common areas with the goal of raising the property from a B-class asset to a B+/A- asset that can command higher rents.

"The Mill is located in an affluent, planned community built around a country club golf course, but hasn't experienced any significant refurbishment since its construction over two decades ago," says Bob Hart, president/CEO of KW's multifamily division. "It is the only non-institutionally owned and managed property in the submarket and, as such, offers an unprecedented opportunity to create significant value through creative management and renovation."

At a cost of around $200 million, KW has acquired approximately 1,435 apartment units in the Puget Sound region over the course of the past nine months. For the KW-Reef JV, the Mill is the partnership's second Puget Sound acquisition in recent weeks. Earlier this month, the partnership said it paid $300 million for a Downtown Seattle office building and an adjoining condominium development.