A real estate fund managed by Kennedy Wilson has partnered with Haseko Corporation on a $90 million multifamily buy in Vancouver, Washington. The venture acquired a two-property, 350-unit ($257k/unit) portfolio consisting of The Farmstead and Villas at 28th Street.
The two newly constructed, amenity-rich communities boost Kennedy Wilson’s presence in the Pacific Northwest that is currently approaching 13,000 market-rate and affordable apartment units. Villas at 28th Street is pictured above and The Farmstead is pictured below.
Vancouver’s strong market fundamentals and population growth of 21% since 2010 have been driven by the expanding of the Vancouver Waterfront, the revitalization of downtown, and a favorable business climate that includes zero corporate or personal income tax.
Kennedy Wilson (NYSE:KW) is a leading global real estate investment company. The company owns, operates, and invests in real estate through the balance sheet and through an investment management platform across the Western United States, United Kingdom, and Ireland. Kennedy Wilson primarily focuses on multifamily and office properties as well as industrial and debt investments in the investment management business.
Haseko Corporation is a Japanese construction company specialized in construction of condominium units. From 1968 to 2015, the company built a total of around 580,000 condominium units, which is approximately 10% of the total number of condominium units on the market in Japan.
