SEATTLE, WA – Global real estate investment company Kennedy Wilson has partnered with Kenedix, Inc. and Hulic Co., Ltd. to buy The Danforth in Seattle for $173 million. The 265-unit multifamily community with Whole Foods as the sole ground-floor tenant builds on Kennedy Wilson s significant multifamily presence in the Pacific Northwest that totals more than 13,000 market rate and affordable apartment units.
Given our 30-year history in Japan, we are proud to continue the growth of our investment management platform alongside these two prestigious companies that are aligned with our investment strategy and our focus on delivering quality housing within growing Pacific Northwest markets, said William McMorrow, Chairman and CEO of Kennedy Wilson. The Danforth provides an opportunity to buy a recently built community at a discount to replacement cost within an area experiencing limited new construction and strong absorption due to recent return-to-office initiatives from leading technology employers.
We appreciate the opportunity to participate in this joint investment. With continued population growth and the potential for attractive returns, we are strengthening our initiatives in the U.S. real estate market, said Hikaru Teramoto, Representative Director, President & COO at Kenedix, Inc.
We are pleased to have our first JV investment with Kennedy Wilson and Kenedix. We are currently increasing international investment with partners in areas where continued population and economic growth are expected. We believe this investment satisfies our criteria, said Sohei Okuno, General Manager, Global Investment Department at Hulic Co., Ltd.
The Danforth, a 16-tale tower constructed in 2018, features 1- , 2-, and 3-bedroom layouts and access to Seattle s newest Whole Foods Market on the ground floor. The community offers expansive amenities including a Studio Fit fitness center, rooftop solarium and dog run, a resident lounge with shuffleboard and media center, a full demonstration kitchen, and a BBQ patio with multiple grills.
Located at the intersection of Seattle s First Hill and Capitol Hill neighborhoods, The Danforth is adjacent to the city s best restaurants, nightlife, and largest employers. It is also positioned within Seattle s largest hospital network, with a $1.3 billion expansion project set for completion by 2027 that will support a highly educated and well-compensated resident base.
Kennedy Wilson has a 10% interest, investing $6.6 million of equity in the core plus joint venture, and will serve as asset manager for the partnership and will earn customary fees.

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SEATTLE, WA – Fourth Avenue Capital and Range Equity Management, in a joint venture with PCCP, have bought 2121 Belmont, a stabilized Class-A multifamily property located in the Buckman neighborhood of Portland, Oregon. With this acquisition, Fourth Avenue Capital now owns 25 assets across its portfolio, including six other properties in the Portland MSA.
Originally built in 2008 as condominium units, 2121 Belmont is comprised of 123 oversized apartment units averaging approximately 981 square feet. The property offers high-end interior finishes including real hardwood floors, gas ranges, stainless steel appliances, and central heating and air conditioning. Despite its boutique scale, the property features concrete and steel Type I construction, delivering a distinct resident experience highlighted by a 1:1 parking ratio. Amenities include a fitness center, onsite leasing office, dog wash station, and bike storage.
“We targeted this asset because of its differentiated product type — Type I construction, large unit sizes, and dedicated parking for every residence,” said Davis Vaughn, Managing Partner at Fourth Avenue Capital. “We believe the opportunity to buy this level of quality at approximately half of replacement cost, combined with its unique features, will yield a durable competitive advantage and make outsized value for our investors.”
Strategically located in Portland’s Buckman neighborhood, 2121 Belmont sits at the heart of the city’s rapidly developing Central Eastside. Its position on Belmont Street provides residents with brilliant access to downtown and walkability to urban amenities including dining, nightlife, and public parks.
“We are excited about this acquisition given the unique attributes of the asset and cyclical recovery of the market. We look forward to executing our value-add business plot in conjunction with our partners at FAC and PCCP,” said Andrew Gindy, Managing Partner at Range Equity Management.

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WALDORF, MD – North Bethesda, Maryland-based CAPREIT, a fully integrated real estate operating company responsible for the ownership and management of more than $6 billion of multifamily assets in the U.S., announced it has bought two apartment communities in Charles County featuring a combined 360 homes.
The workforce-housing communities, Palmer Apartments and Smallwood Gardens, are adjacent to one another, just south of St. Charles Parkway in south Waldorf. CAPREIT is set to undertake a series of capital improvements on the properties, designed to elevate them to a premier choice for the discerning modern workforce renter.
“As a leading workforce and affordable housing provider, we are always aiming to grow our portfolio in stable markets,” said Andrew Kadish, CEO of CAPREIT. “We’re excited to expand to Waldorf with the acquisition of these two communities, which are right in the backyard of our company headquarters. With a large footprint and vast institutional knowledge of the greater Mid-Atlantic market—which is our largest market with multiple regional headquarters—we viewed this as a prime opportunity with an abundance of upside. We look forward to getting started on the capital improvement process.”
CAPREIT has dedicated $5 million toward upgrades, which will include a significant refresh of building exteriors, amenities, common areas, landscaping and additional community enhancements. Home interior renovations are also plotted to help elevate the spaces to modern standards. Additionally, CAPREIT plans to implement energy-saving measures that have the potential to reduce utility costs by up to 25%.
Palmer Apartments, located at 3008 Pilgrims Square, was originally built in 1980 and features 152 one- and two-bedroom homes. Smallwood Gardens (formerly Smallwood Gardens at Village Center of St. Charles) is positioned at 2640 Hamilton Place. Originally built in 1976, the two-tale community features 208 one-, two- and three-bedroom homes.
Each property features a swimming pool, playground, laundry facility and onsite maintenance. Apartment interiors include fully equipped kitchens, large walk-in closets, air conditioning and in-home climate control. Select homes feature private patios or balconies.
The properties sit across from Smallwood Village Center, a 173,000 square-foot shopping center, and within walking distance of a stop on the VanGO bus line. The St. Charles neighborhood is located approximately 22 miles south of Washington, D.C., making it a well loved option for those who commute to the key employment centers in the city.
“Waldorf is a stable but improving location, and we’re delighted to join the St. Charles neighborhood,” said Stephen Catarinella, chief investment officer for CAPREIT. “We believe that there is significant operational upside with these communities that we can unlock through an infusion of capital improvements and our resident-centric approach to property management.”
To enhance the resident experience, CAPREIT plans to use its systematic program of surveying residents at key points within the leasing process to evaluate guest and resident sentiment regarding the property’s maintenance, amenities, safety, response time and overall value.

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