Park Highlands is a proposed master planned community in suburban North Las Vegas. The overall 2,675-acre site was purchased in 2005 from the U.S. Bureau of Land Management by a consortium of home builders for a net purchase price of nearly $239,000 per acre. KBS Strategic Opportunity REIT, through a joint venture in which it owns 51% interest, purchased the 1,375-acre portion (gross) of the Park Highlands property out of bankruptcy for $21 million (approximately $15,273 per acre), a 93.6% reduction from the 2005 purchase price.
The property is block-platted and has entitlements, or is in the process of being entitled, for over 7,200 residential units, 120-acres of commercial and resort uses and a complement of parks and public facilities. The property is currently unimproved, but is accessed by three recently constructed freeway interchanges. KBS Strategic Opportunity REIT anticipates that the overwhelming majority of future value increases will come as a result of general improvements in the local economy.