A real estate fund managed by Kennedy Wilson has acquired, in separate transactions, Tides on Commerce, a 336-unit apartment community in North Las Vegas, Nevada, and Finisterra, a 356-unit apartment community in Tempe, Ariz., for a total of $166 million, excluding closing costs. 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 amenities.
The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio with ownership interest in nearly 40,000 units.
“These acquisitions reflect our team’s ability to leverage our local expertise and source attractive investment opportunities at a discount to replacement cost,” said Kurt Zech, president of Kennedy Wilson’s multifamily division. “Both communities are located in markets emerging from a period of elevated deliveries and concessions and entering a period of strong economic growth wit
