293-unit Southridge Reno property sells for $36 million to Kennedy Wilson
RENO, Nev. — Southern California real estate investment company Kennedy Wilson has acquired Southridge, a wholly owned 293-unit apartment community in Northwest Reno, for $36 million, officials announced Aug. 24.
According to a Kennedy Wilson news release, the company invested approximately $16.5 million of equity and secured a seven-year loan of $19.8 million at a fixed rate of 4.17 percent.
Built in phases between 1994 and 1995, the 233,879-square-foot Southridge property includes a mix of 62 market-rate units and 231 low-income housing tax credit units across 15 acres with a variety of amenities including a swimming pool, barbecue and picnic areas, playground, clubhouse and fitness facility.
“We recognize that Reno is one of the country’s fastest growing apartment markets and we are excited to expand our presence in a city that exhibits such compelling demographic trends,” Kendrick Askew, Managing Director at the Beverly Hills, California-based Kennedy Wilson, said in a statement. “With its relatively low taxes and the large-scale economic development spurred by the tech industry, we anticipate the demand for well-located, quality housing to continue increasing.”
According to reports, the acquisition expands Kennedy Wilson’s portfolio to 1,438 units owned and under construction in the Reno market.
Southridge will also reportedly be Kennedy Wilson’s first wholly owned investment with a market rate component in Reno.
To qualify, an applicant’s ranch or farm must have belonged to his or her family for at least 100 years and must be a working ranch or farm with a minimum of 160 acres. Operations with fewer than 160 acres must have gross yearly sales of at least $1,000.