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Kennedy Wilson Buys 220-Unit Multifamily Community in Reno for $66 Mil

11/08/21

Kennedy Wilson has acquired Northtowne Summit, a 220-unit apartment community in Reno, NV, for $66 mil ($300k/unit) in an off-market transaction. The purchase was made through Kennedy Wilson Fund VI, a commingled fund the firm manages.

The 15-acre garden-style property is set on a hillside with unobstructed views of downtown Reno as well as resident amenities including a clubhouse, fitness center, picnic area and a community pool. The buyer plans to invest approximately $3 mil to update building exteriors, renovate unit interiors, enhance amenities and common spaces throughout the community.

Northtowne Summit is positioned near the intersection of U.S. Route 395 and McCarran Boulevard, providing residents with direct access to the Downtown Reno, Sparks and other employment hubs throughout the region. Companies including Tesla, Google, Apple and Sierra Nevada Corporation have relocated to the region in search of a lower cost of living and lower costs of doing business. With a population exceeding 540,000 residents, Reno is becoming an important center for distribution and industrial expansion, as all West Coast markets can be reached within one day of travel.

“We are excited to build upon our multifamily portfolio in Reno, which will soon reach over 2,000 market rate and affordable housing units, and to broaden our presence in a market that has diversified into a thriving high-tech manufacturing and logistics hub in the Western U.S.,” said Kennedy Wilson President Mary Ricks. “We have witnessed accelerating population growth in Reno coupled with a significant employment rebound from early 2020 that bodes well for the local multifamily market, especially for well-located, amenitized communities like Northtowne Summit.”

Kennedy Wilson has an 11% interest in Fund VI, which targets value-add real estate opportunities in high growth markets across the Western United States and focuses on real estate that should benefit from a significant repositioning or renovation through Kennedy Wilson’s asset management program.




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