Kennedy Wilson and Shimizu Corporation Form $139 Million Joint Venture for 382-Unit Multifamily Development in Sandy Springs, Georgia

SANDY SPRINGS, Ga. — Kennedy Wilson and Shimizu Corporation have formed a joint venture to develop Caldwell, a 382-unit luxury multifamily community in Sandy Springs, Georgia, with a total development cost of approximately $139 million. The project marks Kennedy Wilson's first ground-up multifamily development in the state and the inaugural partnership between the two firms.

Deal Overview: Office-to-Residential Conversion in Central Perimeter

The development will rise on a 6.9-acre site at 35 Glenlake Parkway NE, which previously housed a roughly 133,000-square-foot, five-story UPS office building. Kennedy Wilson acquired the property from UPS for $16.46 million in a transaction that closed December 15, 2025. Demolition of the existing office structure began in the summer of 2026, with first residents expected in 2028.

The planned community will consist of 382 residences averaging 937 square feet, housed in a five-story building. The project will also include more than 17,500 square feet of indoor and outdoor amenities. New South Construction will serve as general contractor, Dynamik Design as architect, and PEC+ as civil engineer.

"Our acquisition of Caldwell is an exciting milestone for Kennedy Wilson as we expand our multifamily development platform in Georgia and establish our first partnership with Shimizu," said John McCullough, President of the Multifamily Development Group at Kennedy Wilson. "Caldwell offers exceptional long-term fundamentals, driven by strong employment growth and an affluent resident base with limited new multifamily supply. By transforming an underused office site into a thoughtfully designed residential community, we are maximizing the utility of the land and creating much-needed housing in one of Atlanta's most desirable metros."

Sandy Springs Submarket: Supply Constraints and Employment Drivers

Sandy Springs sits within the Central Perimeter employment node, one of metro Atlanta's most established mixed-use submarkets, with direct access to major employment centers, retail destinations, and transportation corridors. The former UPS office at 35 Glenlake Parkway was located approximately half a mile from UPS's world headquarters, and the surrounding area is home to multiple large employers.

Kennedy Wilson has pointed to Sandy Springs' constrained multifamily pipeline as a key investment rationale. The submarket has seen significantly less new multifamily supply growth than the broader Atlanta metropolitan area in recent years, a dynamic the firm says supports sustained rental demand and reinforces the area's long-term investment appeal. The site's prior assessed value stood at $12.2 million in 2025, prior to Kennedy Wilson's acquisition.

At approximately $364,000 per unit in total development cost, Caldwell is positioned as a luxury rental product targeting the submarket's established, high-income renter base.

Shimizu Corporation's U.S. Expansion

For Shimizu Corporation, the Japanese general construction and real estate firm founded in 1804, Caldwell represents a step toward expanding its U.S. residential footprint. The partnership is structured through Shimizu Realty Development (U.S.A.), Inc.

"Caldwell represents an exciting opportunity for Shimizu to expand its presence in the U.S. and provide high-quality residential solutions," said Satoshi Arai, President of Shimizu Realty Development (U.S.A.), Inc. "We value this inaugural partnership with Kennedy Wilson, leveraging their proven expertise in identifying and capitalizing on the potential of high-growth markets like Sandy Springs. By developing a high-quality residential community, we are creating meaningful value for the local community. We believe that this project will be a significant addition to the neighborhood and is well-positioned to thrive."

Robert Miyajima, Senior Vice President at Kennedy Wilson, also commented on the relationship: "We're incredibly proud to begin our first partnership with Shimizu. What makes this venture especially meaningful is the friendship and trust we've built along the way, and we're honored to be their partner and steward of this investment. We look forward to growing together for many years to come, both through this partnership and Kennedy Wilson's broader commitment to Japan."

Kennedy Wilson's Multifamily Platform

Kennedy Wilson operates as a global real estate investment company with approximately $38 billion of assets under management across the United States, the United Kingdom, and Ireland. Rental housing represents the core of its portfolio, accounting for roughly 65% of AUM and approximately 70,000 units in which the firm either holds an ownership interest or provides financing through its credit platform. Multifamily assets have generated approximately 64% of the company's net operating income in recent periods.

In a recent quarter, Kennedy Wilson's diversified apartment portfolio was 94% occupied, with U.S. same-store NOI up 3.3% and blended leasing spreads accelerating from 1.4% in the first quarter to 2.1% in the second quarter. The company has indicated an expectation that rental housing will grow to approximately 80% of AUM over the next two years.

The Caldwell joint venture advances Kennedy Wilson's stated strategy of deploying capital into high-growth markets with strong long-term fundamentals, while also deepening its relationship with Japanese institutional capital through the Shimizu partnership.

Sources

Kennedy Wilson Investor Relations — Press Release, August 31, 2026