Kennedy Wilson Adds Two Apartment Properties To Its Seattle Portfolio - Quick Facts

(RTTNews) - Kennedy Wilson (KW) announced the acquisition of The Bristol at Southport, a waterfront apartment asset at 383 units, for $191 million and Geo Shoreline, a newly built 164-unit community, for $74 million. The Bristol at Southport is a dual-property waterfront apartment community built in 2002 and 2008 within the Southport mixed-use master planned community. Geo is a 2020-built luxury apartment community located in Seattle submarket Shoreline.

The company invested $109 million of equity, including closing costs, in the two properties and secured $158 million in 10-year, fixed-rate financing.

Kennedy Wilson expects The Bristol at Southport and Geo Shoreline to add approximately $9 million of initial annual net operating income, which is projected to grow significantly.