Real estate investment company Kennedy Wilson, based in Beverly Hills, Calif., today announced that it has purchased Belara at Lakeland, a 430-unit multifamily property in Auburn for $81 million.
Belara, a garden style apartment community, sits on 40 acres within the Lakeland Hills master-planned community. The company has invested $19 million of equity, inclusive of closing costs, and secured a 10-year loan of $62.6 million through Freddie Mac at a fixed rate of 3.63 percent to buy the property.
“We are excited to expand our footprint in the Seattle area,” said Shem Streeter, managing director of Kennedy Wilson Multifamily Investments. “Kennedy Wilson has been successfully investing in Washington for over a decade, and our deep knowledge of the local market will benefit the implementation of our asset management strategy at this property.
“This submarket has experienced both high-income job growth and a rapidly growing population, and we will continue to look for opportunities to increase our presence in this area.”
It’s the latest addition to Kenedy Wilson’s portfolio in Washington state, where the company has an ownership interest in 9,893 units in 39 communities. Globally, the company owns 135 communities with some 26,000 units.