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March 11, 2016

613 units in 2 complexes sell for $141M

Courtesy Jones Lang LaSalle [enlarge]

Kennedy Wilson has purchased two apartment complexes in Lynnwood and Mukilteo for a combined total of $141 million.

There were two separate transactions. Kennedy Wilson said it paid $94.3 million for Tivalli, a 383-unit complex at 15631 Ash Way in Lynnwood that was built in 2014. An entity related to Goodman Real Estate is the seller, represented by David Young, Corey Marx and Seth Heikkila of Jones Lang LaSalle.

The complex went for about $246,214 per unit.

Tivalli has a 7,000-square-foot lodge with a pool, indoor basketball court and yoga studio. The complex also has barbecue grills, an outdoor amphitheater, outdoor TV area with fireplace and a gym.

Kennedy Wilson paid $46.5 million for the 230-unit Alara Harbour Pointe at 4500 Harbour Pointe Blvd. in Mukilteo. The seller was an entity related to American Realty Advisors of Glendale, California. The price is about $202,174 per unit.

Alara was built in 1998 as part of a master-planned community near Seaway Center Business Park and Paine Field. Jon Hallgrimson of CBRE brokered the transaction.

A Kennedy Wilson fund supplied $50 million in equity for the deals and secured $92 million in debt through Freddie Mac.

Kurt Zech, president of Kennedy Wilson's multifamily investment division, said in a press release that Snohomish County is a strong market because it has a variety of industries, low unemployment and well-educated workers.

Kennedy Wilson said it has 131 apartment complexes worldwide, with more than 25,000 units. In Washington, it has 39 complexes with 9,566 units.