Vancouver Apartment Portfolio Trades for $90M
Kennedy Wilson and Haseko have partnered to acquire the two assets.
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.
Vancouver’s strong market fundamentals and population growth of 21% since 2010 have been driven by the expanding of the Vancouver Waterfront, the revitalization of downtown, and a favorable business climate that includes zero corporate or personal income tax.