Las Vegas’s Largest Multifamily Property Changes Hands, to Get Major Revamp
The Harbor Island Apartments was acquired by Laguna Point Acquisitions for $126 million. That comes out to $126,506 per unit. The 996 units makes it the largest multifamily property by unit count in the Las Vegas market. It has been operated as a weekly-rental community with no reservations, and with no renovations, since it was built in 1989. Patrick Sauter from Avison Young, who represented both the buyer and seller, says to expect some changes, “The new owner will transform the property into the premier apartment home for Class B renters working on and around Las Vegas by converting the weekly rentals to monthly apartment leases, and upgrading unit interiors, common areas and amenities.”
The complex is just blocks away from the famous Las Vegas Strip. It’s adjacent to the Virgin Hotel and Casino and a 40 acre vacant lot on the other side, which is slated to be the site for a Formula 1 Grand Prix race track.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.