Kennedy Wilson Pays $172M for Bellevue MF

Kennedy Wilson, headquartered in Beverly Hills, CA, acquired LIV Bel-Red, a 451-unit multifamily property at 2170 Bel-Red Rd., Bellevue, WA. The $172-million acquisition from seller Goodman Real Estate/Carlyle Group was made through KW’s Real Estate Fund V.

The Fund itself invested $58 million of equity, and secured a $115-million loan. The 10-year loan was obtained through Fannie Mae at a rate of LIBOR = 2.31%. KW is a 12% investor in Fund V, and has ownership interest in 10,344 units throughout the state of Washington. LIV Bel-Red was completed last year, and consists of four buildings with such amenities as rooftop decks that include lounge furniture, dining areas, outdoor televisions and barbecues.

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