Kairos Buys Vegas Affordable Asset for $41M

The community last traded for a fraction of its current value.

Siena Townhomes

Kairos Investment Management Co. has bought the 195-unit Siena Townhomes in central Las Vegas, in an off-market transaction, for $41.1 million, according to Clark County records. The seller was Strategic Realty Holdings. The affordable asset last traded in 2014, for $13 million, less than a third the current value.

Having a high occupancy rate with a 40-person waiting list and located in an area that has a multifamily vacancy rate of 2.5%, the community aligns with Kairos’ strategy of investing in affordable housing in growing or supply-constrained markets and executing an impact strategy, said Carl Chang, founder & CEO of Kairos, in prepared remarks.

Built in 2001, the affordable property offers a mix of two- and three-bedroom townhomes ranging from 932 to 1,140 square feet, Yardi Matrix data shows. Units feature washers and dryers, walk-in closets and balconies or patios. Community amenities include a clubhouse, pool, spa, fitness center and business center.

Located at 1950 N. Simmons St., the community is some 8 miles north of the Las Vegas Strip, 3 miles north of Las Vegas North Premium Outlets and Meadows Mall. North Las Vegas Airport and West Wind Las Vegas Drive-In cinema are both 2 miles northwest of the property. A Walmart Supercenter is 1 mile in the same direction.

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