Laguna Point Properties Buys Topaz, Viridian Apartment Communities in Las Vegas for $129.7M

by Amy Works

LAS VEGAS — Laguna Point Properties has acquired two multifamily properties in Las Vegas from an overseas investor for $129.7 million in an off-market transaction.

Totaling 708 units, Topaz and Viridian are part of a 1,945-unit, $566 million portfolio acquisition by Laguna Point Properties. Other recently closed acquisitions include five properties in Los Angeles and one in Jacksonville, Fla.

Built in 1985 and 1981, respectively, Topaz and Viridian are located adjacent to one another on West Viking Road. The 252-unit Topaz offers one- and two-bedroom floorplans, and Viridian features 456 studio, one-, two- and three-bedroom units.

Laguna Point Properties has engaged Cushman & Wakefield to manage the two properties in Las Vegas, while Greystar will manage the properties in Los Angeles and ZRS Management will manage the Jacksonville property.

Pat Sauter and Art Carll-Tangora of Avison Young’s Las Vegas office represented Laguna Point Properties in the transaction. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly of CBRE Capital Markets secured debt financing for the buyer.

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