Global real estate investment company Kennedy Wilson has acquired 3001 Park, a wholly-owned, 528-unit garden style apartment community in Henderson, Nevada for $155 million, excluding closing costs. 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.
Kennedy Wilson invested $56 million of total equity and secured a $102 million loan. The community is 95% occupied.
“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. “In 2021, we made significant progress on our strategy of expanding into suburban markets surrounding rapidly expanding cities, including Boise, Seattle, Portland, Salt Lake City, Denver and Albuquerque, where renters can find relative affordability and proximity to diverse employment markets.”
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 of well-located, high-quality apartments in growth markets across the Western United States and Ireland.
Kennedy Wilson is progressing on a 3,500-unit Western U.S. development pipeline that includes the 268-unit Oxbow in Bozeman, Montana, as well as many projects where Kennedy Wilson is building adjacent to communities it already owns. These ongoing projects include the 32-acre master planned Anacapa Canyon development in Camarillo, California, with 310 units adjacent to University Glen; the 172-unit second phase of construction at 38° North in Santa Rosa, California; and Dovetail in Boise, Idaho with 240 units under construction next to Kennedy Wilson’s Jasper community. Within the Western U.S. development pipeline, approximately 1,800 units are under construction through Vintage Housing, Kennedy Wilson’s growing affordable and senior housing joint venture.
In Ireland, where Kennedy Wilson is one of the country’s most active multifamily real estate investors and operators, nearly 1,000 new multifamily units are in various stages of development at prominent Dublin projects, including 232 units at The Cornerstone on the former Leisureplex site, 287 units at The Grange and 471 units at Coopers Cross.
