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Real estate investment company Kennedy Wilson (NYSE:KW) has acquired a 528-unit multifamily property in Henderson, Nevada for $155 million, excluding closing costs. Kennedy Wilson invested $56 million of total equity in the acquisition of 3001 Park and secured a $102 million loan. The community is 95% occupied and is expected to initially add approximately $8 million of annual revenue and $6 million of annual net operating income to Kennedy Wilson, which is projected to grow to $12 million of annual revenue and $9 million of annual net operating income to Kennedy Wilson following the completion of value-add initiatives over four years, including unit and amenity upgrades to enhance the renter experience.
“The acquisition of 3001 Park reflects our continued confidence in the Las Vegas region, which has experienced one of the strongest recoveries in the nation and where we have been active investors for many years,” said Kurt Zech, President of Kennedy Wilson’s multifamily group.
The 3001 Park community builds on Kennedy Wilson’s Las Vegas multifamily presence to over 2,300 market-rate units, and joins a global multifamily portfolio across the Western United States and Ireland.
“In a year where we have focused on expanding our multifamily presence in our core markets, we are pleased to conclude 2021 with robust acquisition activity that has continued to improve the quality, location, and relative age of our portfolio,” said William McMorrow, Chairman and CEO of Kennedy Wilson.
The acquisition caps off a year of significant growth within Kennedy Wilson’s multifamily platform, which has expanded from 29,840 units at the beginning of 2021 to over 35,000 units across a global portfolio, including 4,500 units under development, the majority of which will be finished by the end of 2023.
Source: Kennedy Wilson
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