A real estate fund managed by Kennedy Wilson has acquired Axle, a 226 multifamily community in Seattle, Washington and Denizen, a 212-unit multifamily community in Portland, Oregon, for a total of $110 million. The two newly constructed communities build on Kennedy Wilson’s multifamily presence in the Pacific Northwest.

“We are seeing sustained supply-demand imbalances for the high-quality multifamily products in both Seattle and Portland and are encouraged by the underlying strength of their employment markets where return-to-office initiatives are well underway,” said Kurt Zech, President of Kennedy Wilson’s Multifamily Group.

Built in 2018, The Axle community features one and two-bedroom floor plans, and eight townhomes. Denizen was built in 2020 and offers studio, one- and two-bedroom units and ground-floor retail.

Kennedy Wilson has an 11% ownership interest in the real estate fund, which acquired the two properties with a total equity investment of $40 million, including closing costs, and financed the acquisitions with long-term fixed-rate debt totaling $70 million.