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Waterton Snags 720-Unit MF Portfolio in Las Vegas
Chicago-based Waterton acquired a two-property residential portfolio totaling 720 units in Las Vegas. The seller and price were undisclosed.
Built in 1996 and 1989, respectively, the properties include:
– Mirasol: 2180 E Warm Springs Rd., Las Vegas (pictured), 400 units across 50 two-story garden-style buildings with a clubhouse, fitness center, dog park and pool on 22 acres.
– Fairways on Green Valley: 1851 N Green Valley Pkwy., Henderson, 320 units across 39 two-story garden-style buildings with a welcome center, clubhouse, recreation center and pool on nearly 16 acres.
The acquisition marks Waterton’s re-entry into the market. It sold its last local asset in June 2017.
Waterton’s David Schwartz says, “Favorable late cycle economic growth in Las Vegas is a large part of what drove our decision to re-enter this market. These assets are situated in highly desirable locations, and offer excellent in-place amenities in a rapidly-growing market, making them a great addition to our value-add program and portfolio.”
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