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Bristol at Southport

Kennedy Wilson Shells Out $265M for Bristol and Geo Multifamily

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.


Inside The Story

Shem Streeter

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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    PORTLAND, ORSeattle & Northwest + Apartments
    Listing Status:Available
    Listing Type:Highest & best offer
    No. of Units:17
    Cap Rate:5.52
    Year Built:2023
    Building Size:7920 Sq ft
    Opportunity Zone:No
    Price per unit:$223,529
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  • Green Seed Apartments

    Portland, ORSeattle & Northwest + Low-Rise
    Listing Status:Available
    Listing Type:Highest & best offer
    No. of Units:31
    Cap Rate:4.91
    Average Occupancy:100
    Year Built:2020
    Building Size:19551 Sq ft
    Lot Size:18200 Acres
    No. of Stories:3
    Opportunity Zone:No
    Buy Side Fee:$1
    Price per unit:$241,935
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  • ◦Sale/Acquisition
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