RENO, NEV. — Kennedy Wilson has purchased Southridge, a 293-unit apartment community located at 1550 Sky Valley Drive in Reno, for $36.3 million. The buyer invested approximately $16.5 million of equity, including closing costs, and secured a seven-year loan of $19.8 million at the fixed-rate of 4.17 percent. The name of the seller was not released.
Built in phases between 1994 and 1995, the 233,879-square-foot property includes a mix of 62 market-rate units and 231 Low-Income Housing Tax Credit units in a mix of studio, one-, two- and three-bedroom layouts averaging 798 square feet. Situated on 15 acres, the community features a swimming pool, barbecue, picnic areas, playground, clubhouse and fitness facility.
The acquisition expands Kennedy Wilson’s portfolio to 1,438 units owned and under construction in the Reno market.