A real estate fund managed by the real estate investment firm Kennedy Wilson has teamed with Haseko Corporation, a Japanese construction and development company, to acquire a pair of multifamily communities in Vancouver, Washington, for $90 million.
The portfolio encompasses The Farmstead and Villas at 28th Street, which totals 350 multifamily units. The communities are located off Interstate 205 and are based within five minutes of each other and within 10 minutes of Portland, Oregon.
“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,” said William McMorrow, chairman and CEO of Kennedy Wilson. “Building on our 30-year history in Japan, we are thrilled to close our first joint venture with Haseko, an organization that shares our investment values as well as our focus on institutional asset management practices.”
“Despite the volatile capital markets, we remain committed to investing in the U.S. multifamily sector,” said Laurie Mathers, head of investment and asset management of Haseko North America Inc. “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 U.S.”
