336-Unit North Las Vegas Tides on Commerce Apartment Complex Purchased for $70 Million
LAS VEGAS, NV – Tides on Commerce, a 336-unit apartment complex located in North Las Vegas, was purchased by a real estate investment firm late last week for the sum of $70 million, according to Clark County property records.
Beverly Hills, California-based Kennedy Wilson announced the purchase on Friday, which was part of a combined acquisition that included a separate property located outside of Nevada state – Finisterra, a 356-unit complex in Tempe, Arizona – for a total combined amount of $166 million.
Tides on Commerce, located at 4249 North Commerce Street, between Alexander and Craig Roads, was originally built in 1999 and includes a plethora of common-area amenities for its tenants, including a swimming pool, spa, hot tub, playground, clubhouse, business center, fitness center and controlled access.
The apartment complex is also ideally situated near major job hubs in North Las Vegas, such as Apex Industrial Park, VA Southern Nevada Hospital, and an increasingly large number of medical and logistics facilities.
North Las Vegas itself is on a major upswing recently, with experts anticipating its growth to double that of the larger Las Vegas region – becoming the fastest-growing city in the state of Nevada – over the course of the next five years; prior to that statistic, the city was the state’s second-fastest growing from the years of 2020 to 2023, thanks to rapid expansion of its healthcare and industrial fields.
Kennedy Wilson said that they are also serving as the asset manager of the Nevada and Arizonia properties they purchased last week, with the real estate investing firm owning approximately a 14 percent interest in the fund acquiring the two assets.
The company currently boasts a portfolio of over $29 billion in assets that they manage – comprised primarily of rental properties – spread out among the United States, the United Kingdon, and Ireland.
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management