February 8, 2017
Kennedy Wilson and an undisclosed partner acquired Radius, a class-A, 282-unit apartment property in Seattle’s South Lake Union submarket. The partners paid $141 million to the seller (and developer) Greystar for the two-year-old property at 400 Boren Ave. N.
KW and its partner, through a 50/50 joint venture, invested a total of $72 million in equity, of which $58 million was funded from sale of the Grove in San Jose, CA. The buyers also secured a 10-year, $70 million loan, with an interest rate of 4.06%, and interest-only during the first five years.
Radius is across the street from Amazon’s world headquarters and main campus, and is within walking distance to other major employers. The nine-story property offers studio, one, and two-bedroom units. On-site amenities include rooftop deck, bike-share stations, resident pub and fitness center, and an outdoor barbecue and entertainment area.
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