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6/16/25
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Kennedy Wilson has teamed up with Kenedix Inc and Hulic Co Ltd in the acquisition of The Danforth, a 265-unit multifamily community in Seattle, for $173 mil, or $653k/unit. Kennedy Wilson has a 10% interest, investing $6.6 mil of equity in the core plus joint venture, and will serve as asset manager for the partnership and will earn customary fees.
Constructed in 2018, The Danforth is located at 1425 Spring St, at the intersection of Seattle’s First Hill and Capitol Hill neighborhoods. Whole Foods is the sole ground-floor tenant at the property.
The 16-story tower offers a mix of one-, two- and three-bedroom layouts. The community’s expansive amenities include a Studio Fit fitness center, rooftop solarium and dog run, a resident lounge with shuffleboard and media center, a full demonstration kitchen, and a BBQ patio with multiple grills.
The Danforth is situated adjacent to the city’s best restaurants, nightlife, and largest employers. It is also positioned within Seattle’s largest hospital network, with a $1.3 bil expansion project set for completion by 2027 that will support a highly educated and well-compensated resident base.
“The Danforth provides an opportunity to acquire a recently built community at a discount to replacement cost within an area experiencing limited new construction and strong absorption due to recent return-to-office initiatives from leading technology employers,” noted William McMorrow, Chairman and CEO of Kennedy Wilson. With this deal, Kennedy Wilson’s multifamily presence in the Pacific Northwest totals more than 13,000 market-rate and affordable apartment units.
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