SEATTLE AND PORTLAND, ORE. — A real estate fund managed by Kennedy Wilson has acquired Axel and Denizen, two properties located in the Pacific Northwest, for a total of $110 million. The seller was not disclosed.
Built in Seattle in 2018, Axle offers 226 units, including eight townhomes. Units come in one- and two-bedroom floor plans. Amenities include a resident lounge, sky lounge and outdoor deck, coworking spaces, a fitness center, pet run and game room.
Denizen was built in 2020 in Portland. The community features 212 studio, one- and two-bedroom apartments, as well as ground-floor retail space.
Kennedy Wilson has an 11 percent ownership interest in the fund, which purchased the assets with a total equity investment of $40 million, including closing costs, and financed the acquisitions with long-term fixed-rate debt totaling $70 million. The company is based in Beverly Hills, California.