A Beverly Hills, California,-based real estate company announced on Friday that it purchased two large apartment complexes in Snohomish County for $141 million.
Kennedy Wilson Real Estate bought the apartment complexes north of Lynnwood and in Mukilteo, because the properties are located in an area close to many employers with a well-educated workforce and consistently low unemployment rates.
“We are pleased to expand our presence in the greater Seattle market where we have a strong track record of performance,” said Kurt Zech, president of Kennedy Wilson Multifamily Investments, in a statement.
The firm purchased the 230-unit Alara Harbour Pointe at 4500 Harbour Pointe Blvd. for $46.5 million. It was built in 1998 and is situated on 12 acres near the Seaway Center Business Park and Paine Field Airport. It’s also located in the Mukilteo School District.
Kennedy Wilson purchased Tivalli for $94.3 million. The apartment complex at 15631 Ash Way was built in 2014 and has 383 units. The property sits one mile from the shores of Martha Lake and is next to Vintage at Urban Center, another Kennedy Wilson apartment community.
Kennedy Wilson owns 131 apartment complexes around the world with more than 25,000 units. The Company now has an ownership interest in 9,566 units across 39 communities in the State of Washington. Kennedy Wilson is a 12% investor in Fund V.
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