SEATTLE—As the West Coast buckles under housing affordability pressure, developers are racing to find solutions in the form of affordable multifamily units. Kennedy Wilson is increasing that type of availability in the form of units reserved for families and seniors through a growing partnership with Vintage Housing Holdings. In total, approximately 10,000 units will be completed by 2022.

"We are pleased to continue building on Kennedy Wilson's long-term partnership with Vintage that brings together our respective strengths to expand the supply of high-quality affordable housing across the West Coast," said Kurt Zech, president of Kennedy Wilson's multifamily group. "The Vintage platform complements our growing market-rate portfolio and provides a pathway for our team to act on opportunities across every segment of the multifamily sector."

To that end, the joint venture's three new ground-up development projects have launched in Washington–The Station (Covington, WA), Quinn (Shoreline, WA) and Pointe (Des Moines, WA)–adding 585 affordable homes. Additionally, the joint venture secured an 18-year loan at 2.9% to fund the development and operation of the three new projects.