logo
  Join        Login             Stock Quote

Kennedy-Wilson (KW) Buys 217-Unit Multifamily Community In Renton, Washington

 December 14, 2012 03:37 PM


(By Balaseshan) Kennedy-Wilson Holdings Inc. (NYSE: KW), a real estate investment and services firm, said it has purchased Harrington Square, a 217-unit multifamily community in Renton, Washington for $41 million.

The company bought the property for $41 million, investing $15 million of equity in the transaction with Fannie Mae providing $26 million of financing at 3.35%, fixed for ten years. Kennedy Wilson previously owned the loan on the property, purchasing it at a discount in September of this year.

With the addition of Harrington Square, the company now owns nine apartment communities in the Pacific Northwest market, for a total of more than 3,000 units.

[Related -Coach, Inc. (COH) Q2 Earnings Preview: Could Leave You Holding The Bag]

Built in 2011, the property is a core asset in north Renton, appealing to professionals in Bellevue, Kent Valley and downtown Seattle. It offers convenient access to the I-90 corridor, which is home to companies such as Microsoft, Costco World Headquarters, Siemens and Farmers Regional Headquarters.

"This transaction exemplifies Kennedy Wilson's ability to source off market deals and utilize the various areas of expertise within the company. We were able to purchase the debt on the property at a discount, work out a deal directly with the borrower to purchase the property and secure financing in less than 90 days," said Matt Windisch, executive vice president of Kennedy Wilson.

Kennedy Wilson, together with its institutional partners, has acquired about $7.0 billion of real estate and real estate related debt since the beginning of 2010. The company's multifamily portfolio in the U.S., Ireland and Japan totals 14,830 units.

[Related -FedEx Corporation (FDX): George Soros And John Paulson Own This Stock. Should You?]

KW is trading up 0.23% at $13.19 on Friday. The stock has been trading between $10.42 and $14.85 for the past 52 weeks.

iOnTheMarket Premium
Advertisement

Advertisement


Post Comment -- Login is required to post message
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
 

rss feed

Latest Stories

article image3 US Updates Show Ongoing Growth

Three economic updates today provide more evidence that moderate growth endures for the US. The numbers du read on...

article imageBuy These Solar Stocks Before They Snapback

Sometimes the market hands you a gift. And it would be foolish not to take it. Thanks to general market read on...

article imageInvestors Are Even More Euphoric And Confident.

As noted on the blog last Thursday, even though the market had been down for three straight weeks, last read on...

article imageThe Butterfly Machine

There’s a phenomenon called the Butterfly Effect. One common quotation is “It has been said that something read on...

Advertisement
Popular Articles

Advertisement
Daily Sector Scan
Partner Center



Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.