By Meghan Hall
A big apartment in Seattle has traded hands, adding momentum to the market. In a deal that closed at the end of last week, an entity affiliated with Holland Partner Group sold the Coppins Well apartment complex for $106.5 million, or about $451,271 per unit. According to public records, the buyer of the property was a limited liability company affiliated with Kennedy Wilson.
Kennedy Wilson has a 30 percent ownership interest in Coppins Well, which the partnership acquired with a total equity investment of $44 million and a $66 million loan, and currently generates $3.5 million of net operating income. Beginning immediately, the team will roll out a value-add asset management plan that includes investing approximately $4 million to renovate unit interiors, refresh common areas and enhance amenities to improve the renter experience. The urban community currently features studio, one- and two-bedroom units and offers residents access to significant amenities including a movie lounge, fitness center and dog runs as well as a coffee house, restaurant and bank on the ground floor.
Located at 1000 Minor Ave., the complex sits at the center of Seattle’s First Hill neighborhood, just across the street from Swedish Hospital’s First Hill Campus. Virginia Mason Medical Center, O’Dea High School and the Frye Art Museum are also within walking distance.
“The acquisition of Coppins Well furthers our strategy of upgrading our portfolio with attractive investments in high-growth markets across the Western U.S. that offer a great quality of life for residents,” said Senior Managing Director Shem Streeter, who leads acquisitions for Kennedy Wilson’s multifamily division. “Coppins Well was a unique opportunity for our team to acquire a well-built, infill community at a discount to replacement cost within Seattle’s urban core, where residents have generally maintained their employment and high incomes over the past 18 months through the uncertainty of the pandemic.”
According to Apartments.com, the luxury apartment complex features 236 studio, one- and two-bedroom units ranging in size from 457 square feet to 1,280 square feet. Rents range from $1,435 per month to $6,635 per month. Built in 2012, the community rises 18 stories in height. Units feature kitchen islands, stainless steel appliances, in-unit washer and dryers, and more. Community features include a pool and clubhouse, lounge, conference room, fitness center and onsite retail.
The community is managed by Greystar, according to its website.
“With impressive finishes and resort-quality amenities, our apartments make it possible to live beyond your expectations. With so much to do in the perfect location, a vibrant new lifestyle awaits,” the property’s website states.
Kennedy Wilson has been consistently active in the Puget Sound for a number of years. In October of 2021, the firm purchased two Seattle-area multifamily communities for $265 million: The Bristol at Southport and Geo Shoreline. In December, Kennedy Wilson acquired another property, this time in Tigard, Oreg. The firm purchased the Arbor Heights apartments for $121 million.
Kennedy Wilson is a global real estate company who focuses on the Western United States, United Kingdom, and Ireland. According to its website, the company has $21 billion assets under management, including 33,300 multifamily units. It has an additional $2.7 billion worth of assets in its development pipeline.