SEATTLE, WA - A commingled fund managed by global real estate investment company Kennedy Wilson has acquired Pratt Park Apartments in Seattle, Washington. The 248-unit multifamily community builds on Kennedy Wilson’s significant multifamily presence in the Pacific Northwest region that now totals nearly 14,000 market rate and affordable units.
“The acquisition of Pratt Park reflects our focus on opportunistic investing during periods of uncertainty as well as our continued confidence in the Seattle region, where we are seeing sustained supply demand imbalances for high quality multifamily product as well as underlying strength in the employment market,” said Kennedy Wilson Multifamily President Kurt Zech. “Pratt Park presents a unique opportunity for our commingled fund to acquire a newly built community in an area on the upswing for young renters who are seeking access to the outdoors and high-quality housing at attractive rent pricing.”
Pratt Park was originally built as condominium units before the developers switched it to apartments when the property launched in 2008. Pratt Park features pet friendly studio, 1-, and 2-bedroom units as well as a full collection of amenities including a 24-hour fitness center, clubhouse, theater room, and scenic rooftop terraces. Residents also benefit from convenient shopping, local award-winning schools, and several museums and parks within close proximity.
Kennedy Wilson has a 14% interest in Pratt Park through the commingled fund.
About Kennedy Wilson: Kennedy Wilson (NYSE: KW) is a leading real estate investment company with over $29 billion of assets under management in high growth markets across the United States, the UK and Ireland. We focus primarily on rental housing, with over 65,000 multifamily and student housing units owned by the company or financed through our growing credit platform. Drawing on decades of experience, our relationship-oriented team excels at identifying opportunities and building value through market cycles, with more than $60 billion in total transactions closed across the property spectrum since going public in 2009. Kennedy Wilson owns, operates, and builds real estate within our high-quality, core real estate portfolio and through our investment management platform, where we target opportunistic investments alongside our partners. For further information, please visit www.kennedywilson.com