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Kennedy-Wilson buys Wash. apartment community for $135M

Kennedy-Wilson Holdings Inc. added the 343-unit Atlas apartment community in Issaquah, Wash., to its portfolio after acquiring it for $135 million.

The asset comprises five buildings with studio apartments and one- and two-bedroom units ranging from 513 square feet to 1,239 square feet.

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The 343-unit Atlas apartment community in Issaquah, Wash.
Source: Kennedy Wilson

The company borrowed an $84.0 million interest-only loan and invested $52.0 million of equity for the purchase. The 10-year loan has a fixed rate of 3.86%.

Atlas is one of the four properties acquired through a 1031 exchange with proceeds generated from the $304 million sale of the Summer House apartment community in Alameda, Calif.