Kennedy Wilson is expanding its US Pacific Northwest multifamily holdings by partnering with Haseko Corporation to acquire two properties for $90m (€84m).
A real estate fund managed by Kennedy Wilson has teamed up with the Japanese construction firm to acquire The Farmstead and Villas at 28th Street communities in Vancouver, Washington.
The newly constructed portfolio, which amounts to 350 multifamily units, adds to Kennedy Wilson’s multifamily presence in the Pacific Northwest which is currently approaching 13,000 market rate and affordable apartment units.
William McMorrow, chairman and CEO of Kennedy Wilson, said: “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.
“Building on our 30-year history in Japan, we are thrilled to close our first joint venture with Haseko, an organisation that shares our investment values as well as our focus on institutional asset management practices.”
Kain Matsumoto, chairman and president of Haseko North America, said: “This is a landmark achievement in our growth strategy within the mainland US, solidified through our new partnership with Kennedy Wilson. While our presence in Hawaii has been longstanding, our renewed venture into the mainland US began in 2019, primarily in collaboration with developers linked to Japan.
“To begin with, we are striving to reach $100m 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.”
Laurie Mathers, the head of investment and asset management of Haseko North America, said: “Despite the volatile capital markets, we remain committed to investing in the US 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 US.”
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