BELLEVUE, WA—Beverly Hills, CA-based Kennedy Wilson's Real Estate Fund V has acquired a 100% interest in LIV Bel-Red, a 451-unit multifamily community in Bellevue, WA. The amount of the property was $172 million.
Fund V invested $58 million of equity (inclusive of closing costs) and secured a 10-year loan of $115 million through Fannie Mae at a rate of LIBOR + 2.31%.
“We are excited to increase our footprint within the Bel-Red corridor with this high quality asset,” explains Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Bel-Red is in the early stages of an ongoing transformation with the expansion of mass transit, lifestyle amenities, and new development of globally-recognized firms.”
According to Streeter, Kennedy Wilson has been successfully investing in Washington for over a decade. “Our deep knowledge of the local market will benefit the implementation of our asset management strategy at this property.”
LIV Bel-Red is a class-A apartment community. The property was built in 2015 and consists of 451 apartments with gourmet kitchens with quartz countertops, stainless steel appliances, tile backsplashes, oversized windows and in-unit washer/dryers. LIV Bel-Red consists of four buildings, each with rooftop decks fully-equipped with amenities including lounge furniture, dining areas, outdoor televisions, and BBQs.
The Bellevue submarket has a diverse employment base, including Microsoft's world headquarters, Boeing, Expedia, Salesforce, Symetra Financial and many other Fortune 500 companies in neighboring cities, according to a prepared release. Bellevue also boasts some of the top public schools in the country, and is located near the expansion of a light rail extension which will offer service to and from Seattle.
Kennedy Wilson is a 12% investor in Fund V. The company now has an ownership interest in 10,344 units across 40 communities in the State of Washington.
BELLEVUE, WA—Beverly Hills, CA-based Kennedy Wilson's Real Estate Fund V has acquired a 100% interest in LIV Bel-Red, a 451-unit multifamily community in Bellevue, WA. The amount of the property was $172 million.
Fund V invested $58 million of equity (inclusive of closing costs) and secured a 10-year loan of $115 million through
“We are excited to increase our footprint within the Bel-Red corridor with this high quality asset,” explains Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Bel-Red is in the early stages of an ongoing transformation with the expansion of mass transit, lifestyle amenities, and new development of globally-recognized firms.”
According to Streeter, Kennedy Wilson has been successfully investing in Washington for over a decade. “Our deep knowledge of the local market will benefit the implementation of our asset management strategy at this property.”
LIV Bel-Red is a class-A apartment community. The property was built in 2015 and consists of 451 apartments with gourmet kitchens with quartz countertops, stainless steel appliances, tile backsplashes, oversized windows and in-unit washer/dryers. LIV Bel-Red consists of four buildings, each with rooftop decks fully-equipped with amenities including lounge furniture, dining areas, outdoor televisions, and BBQs.
The Bellevue submarket has a diverse employment base, including
Kennedy Wilson is a 12% investor in Fund V. The company now has an ownership interest in 10,344 units across 40 communities in the State of Washington.
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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.
