Kennedy-Wilson Holdings has acquired The Danforth, a multifamily community in Seattle for $173M in a joint investment.
Kennedy-Wilson plans to complete the acquisition in a joint investment with the real estate-related services providers, Kenedix and Hulic. The 265-unit multifamily community has Whole Foods as the sole ground-floor tenant.
Located at the intersection of Seattle’s First Hill and Capitol Hill neighborhoods, The Danforth is a 16-story tower constructed in 2018, with one-, two-, and three-bedroom layouts. Kennedy Wilson has a 10% interest, investing $6.6 million of equity in the core plus joint venture, and will serve as asset manager for the partnership and will earn customary fees.
“Given our 30-year history in Japan, we are proud to continue the growth of our investment management platform alongside these two prestigious companies that are aligned with our investment strategy and our focus on delivering quality housing within growing Pacific Northwest markets,” said William McMorrow, Chairman and CEO of Kennedy Wilson.
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