KBS Strategic Opportunity REIT, through a joint venture in which it owns 99.5%, purchased 295 acres of undeveloped land within the 2,675 acre Park Highlands master plan community located in suburban North Las Vegas, Nevada. KBS Strategic Opportunity REIT, through an indirect wholly owned subsidiary, also owns a 50.1% interest in a separate joint venture that owns 1,375 acres of undeveloped land in Park Highlands. Through both acquisitions, the REIT owns 68% of the total developable land in the Park Highlands master plan community.
Park Highlands is block-platted and has entitlements, or is in the process of being entitled, for residential, commercial and resort property, as well as for parks and public facilities. It is located approximately 12 miles from downtown Las Vegas and 16 miles from the Las Vegas Strip. With I-15 three miles to the east of the property, Park Highlands is the only master plan community that provides both freeway frontage and nearby access to the area’s largest north-south roadway. The property’s location along the 215 Beltway also provides easy access to all major Las Vegas employment centers within the Metropolitan Statistical Area.