KIMC Buys Vegas Affordable Asset for $41M

The community last traded for a fraction of its current value

Multi-Housing News

November 19, 2021

Kairos Investment Management Co. has bought the 195-unit Siena Townhomes in central Las Vegas, in an off-market transaction, for $41.1 million, according to Clark County records. The seller was Strategic Realty Holdings. The affordable asset last traded in 2014, for $13 million, less than a third the current value.

Having a high occupancy rate with a 40-person waiting list and located in an area that has a multifamily vacancy rate of 2.5%, the community aligns with Kairos’ strategy of investing in affordable housing in growing or supply-constrained markets and executing an impact strategy, said Carl Chang, founder & CEO of Kairos, in prepared remarks.

Built in 2001, the affordable property offers a mix of two- and three-bedroom townhomes ranging from 932 to 1,140 square feet, Yardi Matrix data shows. Units feature washers and dryers, walk-in closets and balconies or patios. Community amenities include a clubhouse, pool, spa, fitness center and business center.

Located at 1950 N. Simmons St., the community is some 8 miles north of the Las Vegas Strip, 3 miles north of Las Vegas North Premium Outlets and Meadows Mall. North Las Vegas Airport and West Wind Las Vegas Drive-In cinema are both 2 miles northwest of the property. A Walmart Supercenter is 1 mile in the same direction.

* 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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