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Renter Draw Converts to Investor Draw at The Palms
The newly developed Elysian at The Palms apartment community in Las Vegas was recently acquired by Chicago-based Walton Street Capital. The price was undisclosed.
The 286-unit class-A multifamily asset is located at 3850 West Nevso Dr. adjacent to the Las Vegas Strip. The property was developed earlier this year by seller The Calida Group, which has developed or acquired more than 16,000 units in Las Vegas since 2007.
Cushman & Wakefield’s multifamily advisory group including Taylor Sims, Carl Sims and Brady Cleary in Las Vegas and Marc Renard in Los Angeles represented the seller.
“The property has resonated very well with renters as evidenced by its strong leasing activity, and investors saw the draw as well,” says Sims. “This is one of the most spectacular and unique investments in Las Vegas.”
- ◦Sale/Acquisition
