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1/07/22
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Kennedy Wilson has acquired 5400 Vistas, a 204-unit, garden-style apartment community in Las Vegas, for $50 mil, or $245k/unit. The property is located at 5400 S. Mountain Vista St, north of Russell Rd.
The purchase marks the final investment in Kennedy Wilson’s Fund VI, which has acquired more than $1.8 bil in value-add multifamily, flex office/R&D, industrial, and other commercial investments across the Western United States. Kennedy Wilson has an 11% interest in Fund VI.
Kennedy Wilson plans to jumpstart renovations onsite at 5400 Vistas, updating interiors of more than 100 of the community’s one-, two- and three-bedroom apartments, enhancing amenities and common spaces, renovating building exteriors and addressing deferred maintenance. The community features a full collection of amenities including a clubhouse, fitness center, dog park, and a resort-style pool.
5400 Vistas is located in East Las Vegas, near RTC transit services and the I-95 Fwy for easy access to the University of Nevada-Las Vegas, Touro University, and the Las Vegas Strip. The area continues to attract companies from a range of industries, including trade and transportation, education, health services and manufacturing, that are relocating based on the state’s non-restrictive tax structure, and are building on a well-established local hospitality market. According to CoStar, Las Vegas is anticipated to see 2.3 times more employment growth and 2.9 times more population growth than the U.S. on average over the next three years.
“The Las Vegas region has been a strategic growth market for Kennedy Wilson due to low relative cost of living and its strong, evolving economy,” said Kennedy Wilson President Mary Ricks. “The area has rapidly rebounded, and the diverse jobs supporting a fully reopened economy are bolstering an outsized demand for well-located housing that supports a high quality of life.”
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