Residential developer Mi Vida Homes has secured a bulk sale of a portion of its 1, 100 units KEZA Riruta residential development located off Naivasha Road to a local fund.
The fund has committed to acquire a substantial allocation of residential units in the second phase of the development, underscoring the investment potential for housing-linked instruments within the domestic capital markets. The transaction marks a significant milestone for the Keza project, whose first phase is due for handover by September 2025.
The transaction reflects growing institutional appetite for affordable housing as a viable and impactful investment asset class and follows a similar transaction in 2023 with an international private equity fund.
KEZA, a master-planned green affordable housing development of 1,100 units located off Naivasha Road in the Riruta area of Nairobi, features a mix of studio, one-bedroom, and two-bedroom apartments with access to green spaces, children’s play areas, and community amenities. The development is well connected to Nairobi’s key transport and commercial hubs, making it ideal for first-time homeowners, young professionals, and families.
While commenting on the transaction, Mi Vida Homes Chief Executive Officer, Samuel Kariuki, said, “This transaction is a strong validation of the maturing intersection between residential real estate and institutional capital in Kenya. It highlights the potential for structured housing investments to deliver long-term value for investors while addressing critical social infrastructure needs.”
He further noted that: “KEZA builds on Mi Vida’s proven track record of innovative market-firsts, following a precedent-setting bulk purchase transaction with a global private equity investor concluded in 2023. Both transactions affirm the evolving investment thesis around affordable housing, offering local funds and alternative asset managers a compelling avenue to match long-duration liabilities with resilient, impact-oriented real assets.”
