Kennedy Wilson Acquires 265-Unit Seattle Multifamily Property for $173M
Kennedy-Wilson Holdings has announced the acquisition of The Danforth, a 265-unit multifamily community located in Seattle, for $173 million. The purchase is part of a joint investment with Japanese real estate services firms Kenedix and Hulic.
The Danforth is a 16-story residential tower built in 2018 and is situated at the intersection of Seattle’s First Hill and Capitol Hill neighborhoods. The property features a variety of one-, two-, and three-bedroom layouts. A notable feature of the building is Whole Foods Market, which serves as the sole ground-floor retail tenant.
Under the terms of the joint venture, Kennedy Wilson holds a 10% ownership interest and contributed $6.6 million in equity to the deal. The firm will also serve as the asset manager for the property and will earn customary management fees for its services.
“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.
With this acquisition, Kennedy Wilson strengthens its presence in the Pacific Northwest’s thriving multifamily housing market.
