SEATTLE-Kennedy Wilson and its partners have acquired Club Palisades, a 750-unit multifamily community in Federal Way, WA. The property is the second largest multifamily asset in the Seattle metro area, according to a prepared statement, and was purchased as an REO from a group of insurance companies.
Kennedy Wilson capitalized the transaction with its partners, Fairfax Financial, the LeFrak Organization and KW Property Fund III, along with new financing of $46.75 million through Fannie Mae.
“We are very pleased with this acquisition,” says Robert Hart, president and CEO of KW Multifamily Management Group. “We were able to purchase it significantly below replacement cost, and the property is well positioned in the market. We believe that the Seattle metro area is poised for significant rebound in rental rates as the local job markets recover.”
Kennedy Wilson plans to pursue a value-added rehab program and upgrade many of the units to position Club Palisades for growth in the market. The acquisition brings Kennedy Wilson’s Seattle portfolio to seven communities, comprised of 3,163 units. The company and its partners now own 10,786 multifamily units across the US and Japan, with an additional 492 units currently under contract.
Kennedy Wilson did not return GlobeSt.com queries pertaining to the replacement cost, total acquisition price or the identity of the sellers.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
