July 10, 2017 Comments Off on Kennedy Wilson Divests Seattle MF for $109M Views: 674 National News, Washington, West

Kennedy Wilson Divests Seattle MF for $109M

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Los Angeles-based Kennedy Wilson sold Rock Creek Landing, a wholly-owned 576-unit multifamily property in Kent, WA to Denver-based Grand Peaks Properties for $109 million. The cash proceeds of $73 million from this transaction were used to fund the previously announced acquisition of 90 East, an office campus in greater Bellevue, WA.

Kennedy Wilson Multifamily Investments’ Shem Streeter says, “This sale demonstrates our ability to leverage our vertically integrated investment platform to identify undermanaged investments where we can create value through the execution of our asset management program.”

Rock Creek Landing was acquired in 2014 for $58 million as part of a three-property 1,212-unit multifamily portfolio located across the southern submarkets of Seattle.

Read more at Business Wire

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