Kennedy Wilson has acquired a portfolio of multifamily properties totaling 1,110 apartments, from DiNapoli Capital Partners for $418 million. The company has invested $255 million in total equity in three separate communities across three different states.
The firm bought The Palms at Peccole Ranch in Las Vegas, La Privada in Scottsdale, Ariz., and San Miguel Del Bosque in Albuquerque, N.M.
The 404-unit The Palms at Peccole Ranch, located at 9599 W. Charleston Blvd., was constructed on 18 acres in 1996 and offers one-, two- and three-bedroom apartments, ranging from 715 square feet to 1,200 square feet. The 29-building property is in the Summerlin master-planned community and is surrounded by the Red Rock National Conservation Area. The Palms at Peccole Ranch features a clubhouse, a business center, a 24-Hour fitness center, two swimming pools and two spas and a dog park.
The 350-unit La Privada, located at 10255 East Via Linda Road, was constructed on 36 acres in 1985 and has one- and two-bedroom apartments, ranging from 867 square feet to 1,608 square feet. The 40-building property is near the OdySea Aquarium, Butterfly Wonderland, the Talking Stick Resort and outdoor activities at Phoenix Mountains Preserve, McDowell Mountains and Camelback Mountain. La Privada offers residents conveniences that include a clubhouse lounge, a business center, a 24-hour fitness center, two swimming pools and a tennis court.
The 356-unit San Miguel Del Bosque, located at 9180 Coors Blvd. N.W., was built on 21 acres in 2007 and features one-, two- and three-bedroom apartments, ranging from 726 square feet to 1,110 square feet. The 39-building complex is close to downtown Albuquerque, Cottonwood Mall and Petroglyph National Monument. The property has a business center, a clubhouse, a playground and two swimming pools and two spas.
Kennedy Wilson noted it intends to invest about $19 million in the properties through a value-add asset management plan. The effort will include renovating more than 65 percent of the existing units, refreshing common areas and enhancing amenities.
The firm is expanding in Arizona, Nevada, New Mexico and elsewhere in the region, having seen a growth opportunity in the migration of renters seeking lower rents and an outdoor-oriented lifestyle near employment hubs, Kennedy Wilson stated. The firm now owns around 13,800 multifamily units in the Mountain West, including the new assets and projects under development. Its entire portfolio encompasses approximately 37,600 apartment units, including properties under construction.