Waterton Acquires 720-Unit Multifamily Portfolio in Las Vegas for $140M
LAS VEGAS — Waterton, a national owner-operator that specializes in multifamily and hospitality assets, has acquired a two-property, 720-unit multifamily portfolio in Las Vegas. According to the Las Vegas Review-Journal, the sales price was $140 million. The seller was not disclosed.
Mirasol is a 400-unit community that was built in 1996 and features amenities such as a resident clubhouse, fitness center, pool and dog park. Fairways on Green Valley spans 320 units, was built in 1989 and offers a clubhouse, recreation center and a pool. Both properties are located about 10 miles south of downtown Las Vegas.
Waterton had previously disposed of all its Las Vegas holdings in June 2017, but has re-entered the market due to exceptionally strong job growth and affordability relative to other western cities, according to company officials.
“These well-located, commuter-friendly assets offer easy access to a range of high-quality schools, businesses and lifestyle amenities,” says Peter Kuzma, vice president of acquisitions at Waterton. “As the costs of homeownership continue to rise and the pool of renters increases, the value proposition for multifamily housing in this area has become particularly attractive.”
Chicago-based Waterton’s initial investment plans include interior renovations and improvements to residences, as well as existing common-area amenities such as pool decks, furniture, fitness centers and gathering spaces.
— Taylor Williams