A real estate fund managed by Kennedy Wilson and Haseko Corp. have partnered to acquire The Farmstead and Villas at 28th Street communities in Vancouver, Wash. The portfolio, which totals 350 multifamily units, was acquired for $90 million. The two newly constructed communities build on Kennedy Wilson's significant multifamily presence in the Pacific Northwest that is currently approaching 13,000 market rate and affordable apartment units.

The two companies have a 30-year history in Japan, according to Kennedy Wilson CEO William McMorrow. This deal marks its first joint venture with Haseko.

Haseko has a long-standing presence in Hawaii but began a renewed push into the US mainland in 2019, primarily with developers linked to Japan, says Kain Matsumoto, Chairman and President of Haseko North America. The firm is striving to reach $100 million in annual profit, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.