Demand for studio space is high, but pitfalls remain for raising the sector to new heights Quote by Jonathan...
Kairos Investment Management Co. (KIMC), a firm that focuses on value-based real estate investments, has acquired Siena Townhomes, a 195-unit affordable multifamily property in central Las Vegas in an off-market transaction. The purchase price was $41.1 million.
“As an asset manager, allocator, and registered investment adviser, Kairos Investment Management seeks out off-market opportunities in markets that exhibit potential outsized favorable performance like central Las Vegas,” says Carl Chang, CEO and founder of Kairos. “Despite its affordable reputation, revitalization of downtown Las Vegas’ more diverse and growing employment opportunities and limited new supply have led to increasing market-rate rents, deepening the need for quality, budget-friendly multifamily communities like Siena Townhomes throughout the area.”
The property, which was sold by Strategic Realty, is income restricted at 80% of the area median income, according to officials.
Built in 2001, Siena Townhomes has a high occupancy rate, with a 40-person waiting list. Situated less than 6 miles north of the Las Vegas Strip, the asset is within a 10-minute drive of several well-known retail centers, including Las Vegas North Premium Outlets. The property is also located less than 1 mile from Texas Station, a 200-room hotel and casino.
“Given the property’s advantageous location and the area’s extremely low multifamily vacancy rate of 2.5%, Siena Townhomes aligns well with our firm’s impact strategy in affordable housing assets in growing or supply-constrained markets throughout the United States,” notes Chang.
The property’s homes feature full-size washers and dryers, large walk-in closets, and private balconies or patios with extra storage. Common area amenities at the community include a clubhouse, a pool and spa, a fitness center, barbecue areas, a basketball court, a business center, a children’s play area, and carports.
“Kairos has a long history of investing in affordable housing within the U.S. and executing an impact strategy, which seeks to provide a predictable cash flow stream, in addition to positive environmental and social impact,” says Chang.
* The information contained herein is for general, informational purposes only and is not intended to constitute an offer to sell or buy any securities or other assets or promise to undertake or solicit business, and may not be relied upon in connection with any offer or sale of securities or other assets.