Las Vegas Apartments on the Block Next to F1 Racing Venue

Less than six months ago, Laguna Point Properties acquired The Harmon at 370 (then known as Harbor Island Apartments), a 996-units multifamily property located in Las Vegas for $126 million, or a relatively modest $126,000 a unit. They now have it on the market for $188 million.

It appears that Laguna Point thinks the dated property is a ripe candidate for a mixed-use property that will take advantage of its proximity to the Formula 1 race venue. The complex is next to where the starting line, paddock and hospitality facility is being built.

F1 writer Chris Midland describes why a property next to the F1 home base might have extra value, “That’s where Formula One makes a lot of its money: in the paddock club. Vegas being a place where I think they envisage a lot of corporate hospitality going on– a lot of wining and dining– they want to maximize that as much as possible.”