Kaleidoscope was acquired on an off-market basis as part of a larger portfolio. The business plan to be implemented at Kaleidoscope will situate it as one of the top assets in the sub market. Through a strategic interior renovation program that includes faux-wood flooring, new black appliances, and repainted kitchen and bathroom cabinet faces, there will a strong opportunity to increase rents and leasing velocity. As part of the exterior renovation package, there will be new gym equipment in the fitness center, improved exterior lighting, as well as renovations to the pool & spa.
A 208-unit property that sits on a little over 10 Acres, Kaleidoscope is an attractive low density community (20 units per acre) that is in high demand. It has direct access to major transportation corridors including U.S. Route -95, Summerlin Parkway, and Interstate-215 which are readily accessible from Rainbow Ave. which runs adjacent. Just two exits down the R-95 is the Summerlin Parkway which takes you directly into Las Vegas’s most affluent communities and to some of Las Vegas’s most desirable job markets, such as the Las Vegas Tech Center, Mountain View Hospital and over 5 million square feet of consumer retail. In addition to the properties close proximity to the Northwest’s regional job centers, the Kaleidoscope is located just 15 minutes from the World Famous Las Vegas Strip, where many of its residents work.