Kennedy Wilson Makes Atlanta Development Debut
The community will come online in 2028.
Kennedy Wilson has broken ground on Caldwell, a $139 million, 382-unit luxury apartment community in the Atlanta suburb of Sandy Springs, Ga. The development is being financed with a $90 million construction loan from Santander Bank.
Caldwell is the first Georgia project for the Beverly Hills, Calif.,-based firm as it expands its multifamily development platform. It’s also the company’s first joint venture with Japan-based Shimizu Corp. Caldwell is expected to come online in mid-2028.
New South Construction is acting as the general contractor of the development, with Dynamik Design serving as architect and PEC+ as civil engineer.
Closer look at Caldwell
The developers began demolishing the building this summer in preparation for construction of the five-story multifamily property. When it comes online, Caldwell will have 382 units averaging 937 square feet. Apartments will include quartz countertops, stainless steel appliances, oversized closets and smart home technology.
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The community will have more than 17,000 square feet of amenity space, including a 2,000-square-foot fitness center, a wellness suite, a swimming pool and three courtyards with hammocks and grilling stations. The property will have other features such as an outdoor beer and wine garden and terrace.
Caldwell will be situated near GA-400 and Interstate 285, with access to the employment and commercial centers at Pill Hill, Buckhead and Alpharetta, Ga. Downtown Atlanta is 15 miles south of the property.
Expanding national multifamily platform
Kennedy Wilson, which has $37 billion of assets under management in the U.S., UK and Ireland, has been expanding its multifamily platform this year with new development partnerships and acquisitions across the U.S. In July, a joint venture between Kennedy Wilson, Kenedix, Inc. and Hulic Co., Ltd. acquired Carraway, a 421-unit community in West Harrison, N.Y. for $237 million from Toll Brothers.
Nearly a year earlier, Kennedy Wilson had acquired Toll Brothers’ Apartment Living platform in a $347 million deal. After that deal closed, the firm obtained Toll Brothers’ general partner interests in 18 assets worth roughly $2.2 billion, alongside a 29-property development pipeline valued at approximately $3.6 billion. It also took on management of 20 multifamily and student housing communities, valued at $3 billion, from Toll Brothers.
Earlier in the summer, the company formed a joint venture with Jamison to deliver 4,000 affordable units in Los Angeles through a mix of ground-up development and adaptive reuse. Construction on the first project began in August. The joint venture expects to build or repurpose roughly 15 multifamily communities over the next five years.
