A real estate fund managed by Kennedy Wilson has acquired two institutional-quality, west coast multifamily communities in separate transactions totaling $166 million, excluding closing costs. The purchases were of Tides on Commerce, a 336-unit apartment community in North Las Vegas, and Finisterra, a 356-unit asset in Tempe, Arizona.
The fund invested a total of $61 million of equity in these transactions. The low-density, garden-style apartment properties offer a diverse mix of unit sizes and plentiful amenities. The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio with ownership interest in nearly 40,000 units. Kennedy Wilson has an approximate 14% interest in the commingled fund that acquired the two properties and serves as asset manager.
North Las Vegas was the second fastest-growing city in Nevada from 2020–2023 and is projected to grow nearly twice as fast as the broader Las Vegas region over the next five years. Recent local job growth has been driven by a rapid expansion in the industrial and healthcare sectors, and residents of Tides on Commerce benefit from immediate access to major employment centers including Apex Industrial Park, VA Southern Nevada Hospital, and a growing cluster of medical and logistics facilities.
Kennedy Wilson’s purchased Finisterra on June 25. The property, located at 1250 West Grove Parkway in Tempe, was built in 1997. It features two pool and spa areas with gazebos and barbecue grills, a 24/7 fitness center, resident clubhouse and leasing center, outdoor picnic areas with grills and fire features and a dog park. Upgraded unit interiors include quartz countertops, stainless steel appliances, wood-style plank flooring and custom cabinetry.
Finisterra is part of the highly desirable Kyrene School District and near many need-based retailers including Costco, Walmart, Lifetime Fitness, and Ikea, as well as numerous outdoor activities at the Tempe Sports Complex, South Mountain Trail, and Ahwatukee Lakes Golf Club. The property’s convenient access to the 10 freeway enables residents to easily commute to employment hubs in Chandler (Intel, B of A, Wells Fargo, Northrup Grumman) and North Tempe (Arizona State University, State Farm, SRP).
