|Kennedy Wilson has acquired 3001 Park, a 528-unit, garden-style apartment community in Henderson, NV, for $155 mil ($293.6k/unit), excluding closing costs. Constructed in 1989, the property is located at 3001 W Warm Springs Rd, just east of Green Valley Pkwy.
Kennedy Wilson invested $56 mil of total equity in the acquisition of 3001 Park and secured a $102 mil loan. The community is 95% occupied and is expected to initially add approximately $8 mil of annual revenue and $6 mil of annual net operating income.
The property offers a mix of one-, two- and three-bedroom units ranging in size from 700 sf to 1.2k sf. Rents range from $1,378 to $1,874 per month. Community amenities at 3001 Park include a clubhouse, lounge, fitness center, spa, pool, playground and a tennis court. The units feature high-speed Internet, washer/dryer, air conditioning, ceiling fan, security system and a fireplace.
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.
“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.”
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.