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, Arizona, for a total of $166 million, excluding closing costs. The fund invested a total of $61 million of equity in these transactions. 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. Residents of Tides on Commerce benefit from immediate access to major employment centers including Apex Industrial Park, and VA Southern Nevada Hospital.
Finisterra is located in the South Tempe submarket. Nearby retailers include Costco, Walmart, Lifetime Fitness, and Ikea, as well as numerous outdoor activities at the Tempe Sports Complex.
The two acquisitions contribute to Kennedy Wilson’s growing multifamily portfolio, with an interest in ownership of nearly 40,000 units.
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