Kennedy Wilson Acquires Mountain West Properties for $166M
The communities were purchased separately via a commingled fund.
Kennedy Wilson has acquired two properties in Nevada and Arizona for a total of $166 million. The properties, Tides on Commerce in North Las Vegas and Finisterra in Tempe, Ariz. , total 700 units. They were acquired in separate deals via a Kennedy Wilson-managed real estate fund with a combined equity investment of $61 million.
Kennedy Wilson holds about 14 percent interest in the commingled fund acquiring the two assets, while also serving as asset manager.
The acquisitions fit Kennedy Wilson’s long-term strategy of targeting comparatively affordable housing in high-growth markets. The regions represented are poised for strong economic gains after emerging from elevated supply cycles. In April, the investor forged a $200 million investment partnership with Japan-based Tokyu Land US Corp. that will target multifamily assets ranging from $10 million to $50 million in price.
Property profiles
Located at 4249 North Commerce Street in North Las Vegas, Tides on Commerce is a 336-unit community built in 1999.
Common-area amenities include swimming pool, spa, playground, clubhouse, business center, fitness center and controlled access. Residents of Tides on Commerce have immediate access to primary job hubs, including Apex Industrial Park, VA Southern Nevada Hospital, and growing groupings of medical and logistics facilities. Projected to grow twice as quickly as the larger Las Vegas region over the next half decade, North Las Vegas was the second-fastest-growing Nevada city from 2020 to 2023. Recent job growth has been propelled by swift expansion of the healthcare and industrial sectors.
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Situated at 1250 West Grove Parkway, Finisterra is a 356-unit community built in 1997. Community amenities include a fitness center, clubhouse, two swimming pools, spa and controlled access. Part of the South Tempe submarket and Kyrene School District, the community is proximate to retail offerings including Costco, Walmart, Lifetime Fitness and Ikea. The myriad area outdoor attractions include Tempe Sports Complex, South Mountain Trail and Ahwatukee Lakes Golf Club. Accessible via the 10 freeway are a number of Chandler employers that including Intel, Bank of America, Wells Fargo and Northrup Grumman.
Earlier this month, in partnership with two other companies, Kennedy Wilson closed on the $173 million purchase of The Danforth, a 256-unit Seattle, Wash. multifamily community completed in 2018.
