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December 3, 2021
Kairos Investment Management Company (KIMC), a firm that focuses on value-based real estate investments with favorable risk/reward characteristics, has acquired Siena Townhomes, a 195-unit affordable multifamily property in Central Las Vegas, Nevada, in an off-market transaction.
“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.”
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, a 676,000 square foot outlet mall that features over 140 stores and restaurants, and Meadows Mall, a 960,000 square foot enclosed mall that offers access to 118 stores. 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.
Siena Townhomes features a mix of 82 two-bedroom townhomes and 113 three-bedroom townhomes with full-size washers and dryers, large walk-in closets, and a private balcony or patio with extra storage. Common area amenities at the community include a clubhouse, pool and spa, fitness center, BBQ areas, basketball court, business center, 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.
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18101 Von Karman, Suite 1100
Irvine, CA 92612
(949) 709-8888
(949) 800-8500
investorreporting@kimc.com
Copyright © 2023 Kairos Investment Management Company | Disclosures
Kairos Investment Management Company is an Equal Opportunity Employer and, as such, does not discriminate in employment on the basis of an applicant or employee’s race, ethnicity, ancestry, national origin, color, sex, pregnancy (or related medical conditions), childbirth, family status, gender, gender identity or gender expression, age, religion, marital status, sexual orientation, disability, medical condition, military or veteran status, reproductive health decision making, or any other protected classification or characteristic under applicable federal, state or local law. Kairos will not discriminate against an applicant or employee who has one or more protected classifications, is perceived or regarded as having one or more protected classifications, or is associated with someone who has one or more protected classifications.
Kairos Investment Management Company will also provide reasonable accommodations to applicants and employees who may need such accommodations in connection with employment with Kairos on the basis of their disability, religion, status as a victim of domestic violence or pregnancy. An applicant who needs an accommodation in order to pursue employment with Kairos should contact Human Resources at HR@KIMC.com to request such accommodations. Kairos will engage in a good faith interactive process with the applicant to explore accommodations that will be effective, reasonable and not create an undue hardship.
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