A real estate fund managed by Kennedy Wilson has acquired two Western U.S. multifamily communities, Tides on Commerce in North Las Vegas, Nevada, and Finisterra in Tempe, Arizona, for a total of $166 million, excluding closing costs. The fund invested $61 million of equity in these transactions.
These acquisitions add 700 units to Kennedy Wilson’s growing multifamily portfolio, bringing its ownership interest to nearly 40,000 units. Both properties are low-density, garden-style apartment communities located in markets emerging from elevated deliveries and entering periods of strong economic growth with minimal new supply.
Kennedy Wilson holds an approximate 14% interest in the commingled fund that acquired the properties and serves as the asset manager. The investments align with the company's strategy of identifying and improving high-quality, relatively affordable communities in burgeoning markets.
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