Kennedy Wilson Buys Portfolio for $418M

The Palms at Peccole Ranch. Image courtesy of Kennedy Wilson Kennedy Wilson has acquired a…

The Palms at Peccole Ranch. Image courtesy of Kennedy Wilson

Kennedy Wilson has acquired a portfolio of multifamily properties totaling 1,110 apartments, from DiNapoli Capital Partners for $418 million. The company has invested $255 million in total equity in three separate communities across three different states.

The firm bought The Palms at Peccole Ranch in Las Vegas, La Privada in Scottsdale, Ariz., and San Miguel Del Bosque in Albuquerque, N.M.


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The 404-unit The Palms at Peccole Ranch, located at 9599 W. Charleston Blvd., offers one-, two- and three-bedroom apartments, ranging from 715 square feet to 1,200 square feet. The 29-building community was constructed on 18 acres in Clark County in 1996.

The 350-unit La Privada, located at 10255 East Via Linda Road, has one- and two-bedroom apartments, ranging from 867 square feet to 1,608 square feet. The 40-building property was developed on 36 acres in Maricopa County in 1985.

The 356-unit San Miguel Del Bosque, located at 9180 Coors Blvd. N.W., features one-, two- and three-bedroom apartments, ranging from 726 square feet to 1,110 square feet. The 39-building asset was built on 21 acres in Bernalillo County in 2007.

Investment Plans

Kennedy Wilson noted it intends to invest about $19 million in the properties through a value-add asset management plan. The effort will include renovating more than 65 percent of the existing units, refreshing common areas and enhancing amenities.

The firm is expanding in Arizona, Nevada, New Mexico and elsewhere in the region, having seen a growth opportunity in the migration of renters seeking lower rents and an outdoor-oriented lifestyle near employment hubs, Kennedy Wilson stated. The firm now owns around 13,800 multifamily units in the Mountain West, including the new assets and projects under development. Its entire portfolio encompasses approximately 37,600 apartment units, including properties under construction.

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