Kennedy Wilson acquires 528-unit apartment community in Las Vegas

Kennedy Wilson has acquired a wholly owned, 528-unit garden style apartment community in Henderson, Nev., for $155 million, excluding closing costs. The seller was not disclosed.

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 more than 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 in the acquisition of 3001 Park and secured a $102 million loan. The community is 95 percent occupied and is expected to initially add approximately $8 million of annual revenue and $6 million of annual net operating income to Kennedy Wilson, which is projected to grow to $12 million of annual revenue and $9 million of annual net operating income to Kennedy Wilson following the completion of value-add initiatives over four years, i