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11/19/24
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A real estate fund managed by Kennedy Wilson has acquired two multifamily communities -- Axle, a 226 multifamily community in Seattle, WA, and Denizen, a 212-unit multifamily community in Portland, OR – for a total of $110 mil.
The two newly constructed, amenity-rich communities boost Kennedy Wilson’s significant multifamily presence in the Pacific Northwest that is currently approaching 13,000 marke-rate and affordable apartment units.
“The acquisition of these two high quality developments reflects our focus on opportunistic investing during periods of uncertainty as well as our continued confidence in the Pacific Northwest. We are seeing sustained supply demand imbalances for high-quality multifamily product in both Seattle and Portland and are encouraged by the underlying strength of their employment markets where return-to-office initiatives are well underway,” said Kurt Zech, President of Kennedy Wilson’s Multifamily Group. “Axle and Denizen present a unique opportunity for our fund to acquire like-new real estate in areas with few ground-up multifamily starts that are continuing to attract young renters seeking access to the outdoors and high-quality housing at attractive rent pricing.”
Built in 2018, The Axle community features one- and two-bedroom floor plans, eight townhomes, and a full collection of amenities including a resident lounge, sky lounge and outdoor deck, co-working spaces, fitness center, pet run, and game room. Listed among the most educated cities in the world, Seattle continues to serve as a major global hub for leading technology, medical, and life science companies that serve as strong employment drivers. The increasingly diverse economic base is also a host to well-established industries including aerospace, transport and tourism that have attracted young, educated professionals in search of well-paying jobs and a high quality of life.
Just across the Willamette River from downtown Portland, Denizen’s Central Eastside location blends industrial Portland and urban innovation with new restaurants, microbreweries, and riverside recreation, while offering easy access to other Central City and Eastside Districts. The property was built in 2020 and offers studio, one- and two-bedroom units as well as ground-floor retail.
Kennedy Wilson has an 11% ownership interest in the real estate fund, which acquired the two properties with a total equity investment of $40 mil, including closing costs, and financed the acquisitions with long-term fixed rate debt totaling $70 mil.
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