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October 23, 2018
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Kennedy Wilson Closes $135 Mil Res Buy in Issaquah, WA


Kennedy Wilson (KW) has acquired Atlas, a 343-unit apartment community in Issaquah, WA. The property, located at 1036 7th Ave NW, sold for $135 mil, or $393.6k/unit.

KW invested $52 mil of equity, and secured a 10-year interest only loan for $84 million at a fixed-rate of 3.86%. The purchase reflects KW’s continued confidence in the Washington market, where the multifamily group’s portfolio has grown to over 10,000 units.

Atlas was one of four properties acquired through a 1031 exchange with proceeds generated from the recent sale of Summer House, a wholly owned 615-unit apartment community in Alameda, CA. Constructed in 2016, Atlas is 50 years newer than Summer House and incorporates contemporary architecture as well as a highly sought after outdoor-oriented lifestyle just minutes from the job centers of the Seattle metro area.

“Our company is focused on pursuing attractive investment opportunities across the Seattle metro area, and we have identified Issaquah as a particularly desirable eastside submarket with significant potential for continued growth,” said Shem Streeter, Managing Director at KW. “Atlas is a top-tier property uniquely set in an infill location and it is a fantastic addition to our portfolio. It furthers our strategy of upgrading the overall quality of our assets while expanding our presence in markets with limited new supply.”

Atlas includes a mix of studio, one, and two-bedroom units ranging from 513 sf to 1.2k sf across five mid-rise buildings. The brand-new community includes a fitness center and exercise studio, co-working pods as well as lounge areas, a fire pit and a large furnished outdoor courtyard with seating and BBQ grills.

Located at the base of the Cascade mountain range, Atlas offers easy access to hundreds of acres of parks, hiking and biking trails and a 512-acre waterfront state park within a region expected to see significant job growth over the next decade. The adjacent I-90 corridor is home to many major employers including Microsoft, Siemens, T-Mobile and Costco, and Atlas is situated in a highly walkable location with many shopping and dining options just blocks from the property. Across the street from Atlas, the Issaquah Commons shopping center has recently opened a new Trader Joe’s, Starbucks, Safeway and Target.

The acquisition of Atlas is the second significant purchase for KW in Issaquah in recent months. The team secured 90 East, a 573k sf office campus in Issaquah this summer, and within four months of taking ownership, the KW team negotiated a lease extension on 177k sf with Costco. The lease was extended an additional seven years beyond the existing term, securing long-term stability for this well-located office asset.

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