Kennedy Wilson, a real estate fund management company, recently purchased two multifamily communities in the Pacific Northwest for a total of $110 million. The first property, Axle, is located in Seattle and consists of 226 units while the second property, Denizen, is located in Portland and has 212 units. These acquisitions further expand Kennedy Wilson’s presence in the region.
According to Kurt Zech, President of Kennedy Wilson’s Multifamily Group: “We have observed a consistent imbalance between supply and demand for high-quality multifamily properties in both Seattle and Portland. Additionally,the strong employment markets with ongoing return-to-office initiatives are encouraging factors.”
The Axle community was built in 2018 and offers one- to two-bedroom apartments as well as eight townhomes. Denizen was constructed more recently (in 2020)and features studio-, one-,and two-bedroom apartments along with ground-floor retail space.
Kennedy Wilson holds an ownership interest of 11%in the real estate fund responsible for these acquisitions.The total equity investment made by this fund amounts to $40 million (including closing costs),while long-term fixed-rate debt totaling $70 million financed these purchases.
Overall,this acquisition demonstrates Kennedy Wilson’s commitment towards expanding its portfolio through strategic investments within growing markets like the Pacific Northwest.
