A real estate fund managed by Kennedy Wilson has partnered with Haseko Corp. to purchase two newly constructed communities in Vancouver, Washington, for $90 million. The Farmstead and Villas at 28th Street communities, totaling 350 units, build on Kennedy Wilson’s Pacific Northwest multifamily presence that is approaching 13,000 affordable and market-rate units.
“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,” says 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.”
The two communities include various floor plans across three different product types and expansive amenities, including gated access, fitness centers, dog parks, a pickleball court, pet wash stations, natural green space, and walking trails. The Farmstead and Villas at 28th Street sit within five minutes of each other and within 10 minutes of Portland, Oregon, providing residents with connectivity and immediacy to the area’s high-quality employers, sought-after recreation, and popular eateries.
“This is a landmark achievement in our growth strategy within the mainland United States, solidified through our new partnership with Kennedy Wilson. While our presence in Hawaii has been longstanding, our renewed venture into the mainland United States began in 2019, primarily in collaboration with developers linked to Japan,” says Kain Matsumoto, chairman and president of Haseko North America.
“To begin with, we are striving to reach $100 million in annual profit, it is imperative for us to collaborate with local investors like Kennedy Wilson. This strategic partnership not only expands our investment platform but also underscores our commitment to diversification and sustainable growth,” Matsumoto adds.
Strong market fundamentals and population growth have been driven by the expansion of the Vancouver Waterfront, the revitalization of downtown, and a favorable business climate that includes no corporate or personal income tax, Kennedy Wilson notes.
Laurie Mathers, head of investment and asset management of Haseko North America, says, “Despite the volatile capital markets, we remain committed to investing in the U.S. multifamily sector. 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 United States.”
