Kennedy Wilson Buys Atlas, 343-Unit Apartment Community, For $135 Mln

(RTTNews) - Real estate investment company Kennedy Wilson (KW) Wednesday said it has acquired Atlas, a wholly-owned 343-unit apartment community in Issaquah, WA, for $135 million.

Kennedy Wilson invested $52 million of equity, and secured a 10-year interest only loan for $84 million at a fixed-rate of 3.86%.

According to the firm, the purchase reflects its continued confidence in the Washington market, where the multifamily group's portfolio has grown to over 10,000 units.

Kennedy Wilson noted that 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.

Atlas includes a mix of studio, one, and two-bedroom units ranging from 513 square feet to 1,239 square feet across five mid-rise buildings.

The 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.