LAS VEGAS, NV – Kairos Investment Management Company (KIMC), a firm that focuses on value-based real estate investments with favorable risk/reward characteristics, has acquired Siena Townhomes, an affordable 195-unit multifamily property in downtown of Las Vegas, Nevada, in an off-market transaction.
“As a registered asset manager, allocator and investment adviser, Kairos Investment Management seeks out-of-market opportunities in markets that have outsized potential upside performance like Central Las Vegas,” said Carl Chang, CEO and Founder of Kairos. “Despite its affordable reputation, the revitalization of downtown Las Vegas’s more diverse and growing employment opportunities and limited new supply have led to rising market-rate rents, deepening the need for quality multi-family communities and economic properties like Siena Townhomes throughout the region.”
Built in 2001, Siena Townhomes has a high occupancy rate with a waiting list of 40 people. Located less than 6 miles north of the Las Vegas Strip, the asset is within a 10-minute drive of several well-known shopping malls, including Las Vegas North Premium Outlets, a 676,000 square foot mall that features over of 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 a mile from Texas Station, a 200-room hotel and casino.
“Given the property’s advantageous location and the area’s extremely low multi-family vacancy rate of 2.5%, Siena Townhomes aligns well with our company’s impact strategy in affordable housing assets. in growth or supply-constrained markets across the United States,” Chang notes.
Siena Townhomes offers 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 additional storage. Common community facilities include a clubhouse, pool and spa, fitness center, barbecue areas, basketball court, business center, children’s play area, and shelters of car.
“Kairos has a long history of investing in affordable housing in the United States and implementing an impact strategy, which aims to provide predictable cash flow, in addition to positive environmental and social impact,” Chang said.
About Kairos Investment Management Company: Kairos Investment Management Company (KIMC) is an employee-owned, entrepreneurial real estate investment firm and registered investment advisor based in Rancho Santa Margarita, California. Since its inception, Kairos and its affiliates have invested more than $2.7 billion in more than 17 million square feet, including 19,000 multi-family units. The company’s real estate experience spans many disciplines, including acquisitions, asset management, property management, development, redevelopment and distressed investing. Additional information is available at www.kimc.com