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Kennedy Wilson is entering Georgia’s ground-up multifamily market through a $139 million apartment development planned for Sandy Springs, an affluent employment center north of Atlanta.
The five-story community, named Caldwell, will contain 382 luxury apartments on a 6.9-acre property formerly occupied by a post office. Kennedy Wilson acquired the site in late 2025 and began demolition work during the summer of 2026.
The first apartments are expected to welcome residents in 2028.
Caldwell represents Kennedy Wilson’s first ground-up apartment development in Georgia. It is also the company’s first project with Shimizu Corp., a Tokyo-based construction, engineering and real estate organization expanding its presence in the United States.
The partnership combines Kennedy Wilson’s multifamily investment and development experience with Shimizu’s international real estate platform.
Kennedy Wilson Multifamily Development Group President John McCullough described the project as an important step in the company’s expansion. In comments reported by Multifamily Dive, he also indicated that Kennedy Wilson intends to pursue additional multifamily opportunities in Georgia, with its near-term attention concentrated primarily on metropolitan Atlanta.
Both companies have expressed interest in building a longer-term relationship, although their immediate priority is completing Caldwell successfully and producing the anticipated investment results.
The development will replace an underutilized office property with a new residential community. This type of redevelopment allows the partners to introduce hundreds of homes without beginning with an undeveloped suburban site.
Once completed, Caldwell will include 382 apartments averaging approximately 937 square feet. Plans also call for more than 17,500 square feet of indoor and outdoor resident amenities.
The property’s Sandy Springs location will provide connections to major Atlanta-area employment centers, shopping destinations and transportation corridors.
Atlanta-based New South Construction is serving as the project’s general contractor. Dynamik Design, which is headquartered in Sandy Springs, is the architect, while Peachtree Corners-based PEC+ is handling civil engineering.
Kennedy Wilson is positioning Caldwell as a long-term investment in a market supported by employment growth, higher household incomes and limited additions to the local apartment inventory.
According to the company, Sandy Springs has received substantially less new multifamily supply in recent years than the wider Atlanta metropolitan area. That comparatively restrained construction pipeline may help preserve demand for newly built apartments, particularly in well-connected locations.
The company believes the combination of employment access, an affluent renter population and limited new supply gives the project attractive long-term fundamentals.
Satoshi Arai, president of Shimizu Realty Development U.S.A., said the development provides Shimizu with an opportunity to expand its American real estate presence while working with an experienced multifamily partner in a growing market.
Caldwell is advancing at a time when new apartment construction remains complicated by elevated financing costs, inflation and uncertainty in the capital markets.
McCullough has previously emphasized that development projects require substantial planning, capital and advance work before construction can begin. Because market conditions can change quickly, Kennedy Wilson does not limit its development strategy to a single geographic target selected on an annual basis.
In comments provided to Multifamily Dive, McCullough acknowledged that capital markets remain challenging and that inflation continues to require close attention. Despite those pressures, the company remains confident in the long-term demand for multifamily housing across the United States.
Caldwell demonstrates that well-capitalized developers are still prepared to start projects when the location, housing supply and projected demand support the investment.
The Georgia project follows several other significant moves by Kennedy Wilson.
In July, the company announced a partnership with Jamison intended to create approximately 4,000 affordable homes in Los Angeles through a combination of adaptive reuse and new construction.
Kennedy Wilson also expanded its residential development pipeline through its acquisition of the Toll Brothers Apartment Living platform. That transaction included 18 residential properties and 29 additional sites in various stages of development.
The company underwent an ownership change as well. A consortium led by Chairman and CEO William McMorrow, other senior executives and Fairfax Financial Holdings Limited completed its acquisition of Kennedy Wilson in June after announcing the transaction in February.
These moves reflect a wider effort to grow Kennedy Wilson’s multifamily platform in markets where employment, demographics and constrained housing supply may support sustained rental demand.
Caldwell adds 382 planned apartments to one of metropolitan Atlanta’s most established suburban employment centers. More broadly, the project illustrates how developers are looking for underused commercial properties that can be converted into housing in desirable but supply-constrained locations.
The development also marks the arrival of a new institutional partnership in Georgia. If Caldwell performs as expected, Kennedy Wilson and Shimizu could pursue additional investments together, while Kennedy Wilson may expand its Georgia pipeline beyond this initial project.
For now, the companies are focused on transforming the former post office property into a residential community and moving Caldwell toward its anticipated 2028 opening.
Kennedy Wilson and Shimizu Corp. have announced a $139 million partnership to develop the Caldwell project, a 382-unit luxury multifamily building in Sandy Springs, Georgia. This marks Kennedy Wilson's first ground-up development in the state, transforming a former post office site into a residential community aimed at addressing housing demand in a high-growth area. The project underscores the ongoing trend of investment in multifamily developments in desirable urban markets, which may impact affordable housing operators and compliance teams as they navigate evolving market dynamics.
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