A fund managed by the real estate investment firm Kennedy Wilson (NYSE: KW) announced a pair of acquisitions – one for Tides on Commerce, a 336-unit apartment community in North Las Vegas, Nevada, and the other for Finisterra, a 356-unit apartment community in Tempe, Arizona – for a combined total of $166 million.
According to the company, the fund invested $61 million of equity in these transactions. The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio with ownership interest in nearly 40,000 units.
“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.”
Photo: Tides on Commerce, North Las Vegas
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