Waterton Sells 400-Unit LV Apartment Complex for $87M

Waterton has sold Mirasol Apartment Homes, a 400-unit asset in Las Vegas, for $87 million. Tishau Holdings Properties acquired the property.

Multihousing News reports Mirasol Apartment Homes, formerly Camden Tiara, previously traded as part of a $140.2 million portfolio deal in 2019 that also included Fairways on Green Valley, a 320-unit community in Henderson, Nev. The company sold Fairways on Green Valley in February to Hamilton Zanze & Co. for $75 million. Waterton divested the portfolio with which it reentered Vegas for a total of $162 million across two separate deals, marking a 15.5 percent increase compared to its 2019 price.

Waterton implemented a capital improvement plan following the 2019 acquisition of Mirasol, including interior unit renovations and improvements, as well as refurbishing the common-area amenities, such as the pool decks, the gym and the gathering spaces. Located at 2180 E. Warm Springs Road, Mirasol encompasses 50 two-story, garden-style buildings spread across 22 acres. Floorplans include one-, two- and three-bedroom layouts that average 1,042 square feet.