Many multi-use industrial properties are now in the heart of population centers, and limited supply has made them a...
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.