Kennedy Wilson and Shimizu Team Up for $139M Atlanta Multifamily Project
Event summary
- Kennedy Wilson and Shimizu Corporation are developing a 382-unit luxury multifamily community in Sandy Springs, Georgia, marking Kennedy Wilson's first project in the state and its first partnership with Shimizu.
- The $139 million Caldwell project will redevelop a 6.9-acre site previously occupied by a UPS office into a five-story residential community.
- Construction began in summer 2026, with completion expected in 2028.
- The project is part of Kennedy Wilson's strategy to expand its multifamily platform in high-growth markets with strong long-term fundamentals.
The big picture
This partnership underscores Kennedy Wilson's focus on expanding its multifamily platform in high-growth markets with strong long-term fundamentals. The project highlights the trend of redeveloping underutilized office properties into residential communities, addressing housing shortages in desirable submarkets. With $38 billion in assets under management, Kennedy Wilson is leveraging its expertise to capitalize on high-growth markets like Sandy Springs, where multifamily supply growth has lagged behind broader Atlanta metropolitan trends.
What we're watching
- Market Dynamics
- How sustained rental demand in Sandy Springs will affect occupancy rates and rental growth for the Caldwell project.
- Execution Risk
- The pace at which Kennedy Wilson and Shimizu can replicate this partnership model in other high-growth markets.
- Strategic Expansion
- Whether Kennedy Wilson's entry into Georgia will trigger further multifamily development in the state.
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