3/4/2008

Kennedy Wilson pays $35M for Seattle apartments

by

James Street Crossing

Beverly Hills, Calif.-based KW Multifamily Management Group, Ltd. has acquired the James Street Crossing apartments in Kent, Wash., for $35.72 million from Chicago, Ill.-based Equity Residential.

The deal was negotiated by Kenny Dudunakis of Hendricks & Partners.

Built in 1989, James Street Crossing is a 300-unit apartment complex located at 6248 S. 242nd Place in Kent, about 20 miles south of Seattle. Kennedy Wilson plans to invest an additional $3.8 million to renovate the property, which is comprised of 22 wood-framed buildings on 21 acres.

Dudunakis recently brokered the $30.4 million sale of the Pheasant Run apartments in Federal Way.

Address: 6248 S. 242nd Place, Kent, Wash.

Size: 300 units

Built: 1989

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Filed Under: Multi-Family

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