BEVERLY HILLS, Calif. – A real estate fund managed by Kennedy Wilson has partnered with Haseko Corporation to acquire The Farmstead (711 NE 112th Ave.) and Villas at 28th Street (12101 NE 28th St.) communities in Vancouver, Washington. The portfolio, which totals 350 multifamily units, was acquired for $90 million (combined $257,142 per unit). The two newly constructed, amenity rich communities build on Kennedy Wilson’s significant multifamily presence in the Pacific Northwest that is currently approaching 13,000 market rate and affordable apartment units.
“This transaction furthers our corporate goal of growing our investment management platform alongside great strategic partners while leveraging our long-term experience of investing in multifamily across the Pacific Northwest,” said William McMorrow, Chairman and CEO of Kennedy Wilson. “Building on our 30-year history in Japan, we are thrilled to close our first joint venture with Haseko, an organization that shares our investment values as well as our focus on institutional asset management practices.”
“This is a landmark achievement in our growth strategy within the mainland U.S., solidified through our new partnership with Kennedy Wilson. While our presence in Hawaii has been longstanding, our renewed venture into the mainland U.S. began in 2019, primarily in collaboration with developers linked to Japan. To begin with, we are striving to reach $100 million in annual profit, it is imperative for us to collaborate with local investors like Kennedy Wilson. This strategic partnership not only expands our investment platform but also underscores our commitment to diversification, and sustainable growth,” said Kain Matsumoto, Chairman and President of Haseko North America, Inc.
“Despite the volatile capital markets, we remain committed to investing in the U.S. multi-family sector. We would like to thank the team at Kennedy Wilson for a smooth closing and look forward to expanding our footprint of existing and ground-up projects across the U.S.,” said Laurie Mathers, Head of Investment and Asset Management of Haseko North America, Inc.
The recently completed communities feature diverse floor plans across three different product types as well as expansive amenities, including secure gated access, fitness centers, dog parks, a pickle ball court, pet wash stations, natural green space, and walking trails. Located off Interstate 205, the communities sit within five minutes of each other and within 10 minutes of Portland, Oregon, providing residents with connectivity and immediacy to the area’s high-quality employers, sought-after recreation, and popular eateries.
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.
About Kennedy Wilson
Kennedy Wilson 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 in the 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.
