Kennedy Wilson has partnered with Kenedix, Inc. and Hulic Co., Ltd. to acquire The Danforth, a 265-unit multifamily community in Seattle, Washington, for $173 million. This acquisition expands Kennedy Wilson’s significant multifamily presence in the Pacific Northwest, which now totals over 13,000 market rate and affordable apartment units.
The Danforth, a 16-story tower constructed in 2018, includes a Whole Foods Market as the sole ground-floor tenant. Kennedy Wilson invested $6.6 million of equity for a 10% interest in the core plus joint venture and will serve as the asset manager, earning customary fees.
The acquisition is positioned in an area experiencing limited new construction and strong absorption due to return-to-office initiatives from leading technology employers. This investment aligns with Kennedy Wilson's strategy of acquiring high-quality assets at a discount to replacement cost in growing markets.
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