{"id":1004103397,"date":"2014-09-07T20:13:43","date_gmt":"2014-09-08T04:13:43","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=289433"},"modified":"2022-12-04T16:02:06","modified_gmt":"2022-12-05T00:02:06","slug":"kennedy-wilson-acquires-turnwater-m-f-asset-for-21m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-acquires-turnwater-m-f-asset-for-21m\/","title":{"rendered":"Kennedy Wilson Acquires Turnwater M-F Asset for $21M"},"content":{"rendered":"

By Alex Girda, Associate Editor<\/em><\/p>\n

Kennedy Wilson is continuing its aggressive expansion policy in the Pacific Northwest with yet another multifamily purchase. The company invested roughly $21 million in the acquisition of the South Seattle asset. The company is the new owner of the Tabula Rasa property in Turnwater, Thurston County, which it acquired from a financial institution that had been its lender.<\/p>\n

The buyer invested $8 million worth of equity in the transaction, and also secured a seven-year, $13.5 million loan from Freddie Mac. Following this transaction, Kennedy Wilson\u2019s portfolio totals 19,531 residential units, more than a quarter of which are located in the Pacific Northwest region. According to Shem Streeter, managing director at Kennedy Wilson, the company acquired the property due to the current lack of new developments of this kind in the region. Furthermore, \u201cthe upward-trending rent growth, coupled with an attractive location in close proximity to the key employment centers, makes Tabula Rasa an exciting investment opportunity.\u201d<\/p>\n

Tabula Rasa is a 118-unit apartment property that was developed back in 2008. The condominium-quality asset features townhomes and flats, making it a premier rental property. Resident amenities include a Northwest-style lodge clubhouse and private two-car garages. The property is located in the immediate proximity of the I-5, as well as a generous offering of dining, retail and employment options. Thurston County is one of the top business places in the entire country in regards to the cost of living, job growth, recreational and cultural opportunities, and educational attainment.<\/p>\n

According to a recently issued press statement announcing the acquisition, the investment was made in an area that \u201ccontinues to remain one of KW\u2019s top investment targets, and we expect to continue to seek opportunities within this region,\u201d noted\u00a0president of Kennedy Wilson Multifamily Kurt Zech.<\/p>\n","protected":false},"excerpt":{"rendered":"

Kennedy Wilson is continuing its aggressive expansion policy in the Pacific Northwest with yet another multifamily purchase. The company invested roughly $21 million in the acquisition of the 100 percent stake in a South Seattle asset. The company is the new owner of the Tabula Rasa property in Turnwater, Thurston County, which it acquired from a financial institution that had been the lender on the property.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1610],"tags":[],"class_list":["post-1004103397","post","type-post","status-publish","format-standard","hentry","category-latest","category-seattle"],"acf":[],"yoast_head":"\nKennedy Wilson Acquires Turnwater M-F Asset for $21M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/kennedy-wilson-acquires-turnwater-m-f-asset-for-21m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Kennedy Wilson Acquires Turnwater M-F Asset for $21M\" \/>\n<meta property=\"og:description\" content=\"Kennedy Wilson is continuing its aggressive expansion policy in the Pacific Northwest with yet another multifamily purchase. 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