Kennedy Wilson recently added two assets to its Seattle portfolio. The $191 million Bristol at Southport is the region’s largest waterfront apartment property at 383 units and $74 million Geo Shoreline is a newly built 164-unit community. The two properties join Kennedy Wilson’s multifamily portfolio focused on high-quality assets located in rapidly growing Western U.S. markets.

“These two acquisitions reflect our continued confidence in the Seattle region, where we were among the first institutional investors to establish a multifamily presence 15 years ago,” said Shem Streeter, senior managing director who leads acquisitions for Kennedy Wilson’s multifamily division. “Bristol and Geo are two premier assets with value-add upside that further our longstanding strategy to upgrade the quality of our portfolio within high-opportunity markets. Seattle is among the most economically vibrant cities in the world with proven fundamentals, a strong job market that will continue to draw employees as offices open and robust rent growth that is now approaching pre-pandemic levels.”

Kennedy Wilson invested $109 million of equity including closing costs in the two properties and secured $158 million in financing. The Bristol and Geo are expected to add $9 million of initial annual net operating income.