Search
 

KW, Rreef Buy 516-unit Northend Complex

SEATTLE- Kennedy Wilson follows up a $300-million purchase in Downtown Seattle with and $80-million apartment acquisition north of the city.

By Brian K. Miller | Updated on July 31, 2007

SEATTLE-A JV of Kennedy Wilson and Rreef has paid $80 million for the Mill, a 516-unit apartment complex located two miles west of Exit 183 from Interstate 5 in the city of Mill Creek. Constructed in the mid-1980s, the 26-building development on 20 acres was more than 90% leased at the time of sale. The seller was Nevins Adams Lewbel Schell of Santa Barbara, CA; Wachovia provided the debt financing.

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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.