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8/12/25
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A commingled fund managed by Kennedy Wilson has acquired Pratt Park Apartments, a 248-unit multifamily asset in Seattle, for $80.4 mil ($324.2k/unit). Kennedy Wilson has a 14% interest in Pratt Park through the commingled fund. This acquisition builds on Kennedy Wilson’s significant multifamily presence in the Pacific Northwest region that now totals nearly 14,000 market rate and affordable units.
Located at 1800 S. Jackson St, east of I-5 and north of I-90, Pratt Park was originally built as condominium units before the developers switched it to apartments when the property launched in 2008. Pratt Park features pet friendly studio, one- and two-bedroom units, as well as a full collection of amenities including a 24-hour fitness center, clubhouse, theater room, and scenic rooftop terraces. Residents also benefit from convenient shopping, local award-winning schools, and several museums and parks within close proximity.
“The acquisition of Pratt Park reflects our focus on opportunistic investing during periods of uncertainty as well as our continued confidence in the Seattle region, where we are seeing sustained supply demand imbalances for high quality multifamily product as well as underlying strength in the employment market,” said Kennedy Wilson Multifamily President Kurt Zech. “Pratt Park presents a unique opportunity for our commingled fund to acquire a newly built community in an area on the upswing for young renters who are seeking access to the outdoors and high-quality housing at attractive rent pricing.”
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