Las Vegas remains a top market for talent attraction, and its apartment rent growth rate remains among the strongest in the country. Exemplifying this trend, two multifamily assets totaling 624 apartment units recently sold to Waterton. According to public records, the price was $160 million for the two assets.
The portfolio consists of apartment communities each comprising 312 units: Ely at Centennial Hills located at 5900 Sky Pointe Dr. and the Pointe at Centennial Hills located at 5850 Sky Pointe Dr. The seller was The Calida Group.
When The Calida Group initially purchased the properties, each was being operated as one asset. Since then, Calida strategically split up the operations and focused on renovating the Ely at Centennial Hills asset to uncover its rental upside.
“Calida’s operations team was able to manage the asset through a challenging environment and position the property for its current strong performance,” says firm spokesperson. “We continue to believe in the long-term growth prospects for multifamily in the Las Vegas market.”
Calida was represented in the transaction by Taylor Sims, Carl Sims and Brady Cleary with Cushman & Wakefield’s multifamily advisory group in Las Vegas.
“It’s no wonder that The Calida Group was able to create so much value in their renovation program. Centennial Hills continues to garner attention and positive press, and some big names are taking note. A leading global investment company recently purchased a multifamily asset less than two miles away,” said Taylor Sims. “Furthermore, Centennial Hills is emerging as one of the better growth submarkets in Las Vegas. This offering provided the unique opportunity for investors to scale up in Las Vegas and the booming northwest valley. While Ely at Centennial and Pointe at Centennial are separate assets, they both commanded strong rents through COVID and have subsequently capitalized on the local boom.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.