Kennedy-Wilson Holdings has acquired The Danforth, a multifamily community in Seattle for $173M in a joint investment.
Kennedy-Wilson plans to complete the acquisition in a joint investment with the real estate-related services providers, Kenedix and Hulic. The 265-unit multifamily community has Whole Foods as the sole ground-floor tenant.
Kennedy Wilson has a 10% interest, investing $6.6 million of equity in the core plus joint venture, and will serve as asset manager for the partnership and will earn customary fees.
“Given our 30-year history in Japan, we are proud to continue the growth of our investment management platform alongside these two prestigious companies that are aligned with our investment strategy and our focus on delivering quality housing within growing Pacific Northwest markets,” said William McMorrow, Chairman and CEO of Kennedy Wilson.
Kennedy Wilson founded as a real estate auction company. Company purchased by William McMorrow and partners. Kennedy Wilson is a global real estate investment firm focused on acquiring and enhancing undervalued commercial, multifamily, and residential assets in select high growth markets where we can achieve superior scale. We own, operate, and invest in real estate through our balance sheet and through our investment management platform.
Kennedy Wilson pursues multifamily acquisition opportunities where we can unlock value through a myriad of strategies, including institutional management, asset rehabilitation, repositioning and creative recapitalization. We focus primarily on apartments in supply-constrained, infill markets. We currently hold investments in approximately 37,600 multifamily units located in the Western U.S. (primarily the Mountain West and Greater Seattle) and Dublin, Ireland.
