A real estate fund managed by Kennedy Wilson has added two multifamily communities to its growing portfolio for $166 million, excluding closing costs.
In separate transactions, the fund invested $61 million of equity. The properties include Tides on Commerce, a 336-unit community in North Las Vegas, Nevada, and Finisterra, a 356-unit community in Tempe, Arizona.
“These acquisitions reflect our team’s ability to leverage our local expertise and source attractive investment opportunities at a discount to replacement cost,” said Kurt Zech, president of Kennedy Wilson’s multifamily division. “Both communities are located in markets emerging from a period of elevated deliveries and concessions and entering a period of strong economic growth with minimal new supply. We are excited to build on Kennedy Wilson’s long-held strategy of identifying and improving high-quality communities that provide relative affordability in burgeoning markets with the support of our strategic partners.”
Both properties are garden-style and low-density, with a diverse mix of unit sizes and amenities. In addition, they are both located in markets seeing growth and with proximity to job hubs.
Finisterra in South Tempe features one-, two-, and three-bedroom units with quartz countertops, farmhouse sinks, wood-planked flooring, fireplaces, and in-unit washers and dryers. Amenities include two resort-style pools, a 24-hour fitness center, a coworking lounge, and a bark park.
The South Tempe submarket is part of the highly desirable Kyrene School District and has convenient access to Interstate 10 for easy commutes to employment hubs in Chandler and North Tempe.
Tides on Commerce features studios to three-bedroom units with spacious floor plans and contemporary finishes. Residents also can take advantage of a swimming pool, a bark park, and a state-of-the-art fitness center.
The community is in North Las Vegas, the second fastest-growing city in Nevada from 2020 to 2023. The city is expected to grow nearly twice as fast as the broader Las Vegas region over the next five years. Recent job growth has been driven by an expansion in the industrial and health care sectors, with residents benefiting from access to major employment centers like the VA Southern Nevada Hospital and a growing cluster of medical and logistics facilities.
