Waterton JV to Build Luxury Community in Las Vegas
The project is the firm’s first ground-up development.
Waterton and The NRP Group are teaming up to build a 368-unit luxury community in Las Vegas. The partners recently closed on financing for the project, which represents Waterton’s first ground-up development.
The announcement follows the joint venture’s purchase of an 8.5-acre construction site. Delivery of the first units at the four two-story buildings is scheduled for the middle of 2027, with project completion aimed for early 2028.
CIBC provided a senior loan for the project, with Waterton and NRP providing equity commitments. Additional details about the financing were not disclosed. NRP will serve as general contractor and will provide property management services at the community following its opening.
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At full build-out, the community will comprise a mix of studios, one-, two- and three-bedroom units. Apartments will include stainless steel appliances and vinyl plank flooring, with kitchens incorporating quartz countertops and subway tile backsplashes. The property will also include two courtyards and outdoor seating areas, along with a lounge and co-working space.
The site is located on South Las Vegas Boulevard, about 15 minutes away from the Las Vegas Strip. The property will be a 10-minute drive from a station on the Brightline West system, a high-speed rail line that will connect Las Vegas and Southern California. Service on the rail line is expected to begin in September 2029, according to Bloomberg.
Las Vegas saw the delivery of 2,397 units as of June, according to a Yardi Matrix report, and the metro had 7,191 units in development. The area saw $429 million of investment activity in the first half of the year, making it unlikely that the figure will catch up to the $2.2 billion annual average.
Waterton leans on experienced partner
As Waterton’s first ground-up development in its 30-year history, the project marks a new phase for the Chicago-based firm, which had previously focused on acquisitions. In prepared remarks, Kristi Nootens, Waterton’s senior vice president of development, said the firm chose NRP as a partner for the project because of the company’s deep construction experience.
This project marks NRP’s fourth new development in the Las Vegas area this year. In September, the firm broke ground on a $133 million, 390-unit luxury community with construction partner Haseko. Other ongoing projects in the area include a 105-unit affordable housing community in North Las Vegas and a 342-unit asset located near the Southern Highlands master-planned neighborhood.
NRP’s activity extends nationwide. Earlier in September, NRP started work on Eastfield Village, a 348-unit community in Selma, N.C. which will anchor another larger master-planned community. In August, the company broke ground on Jackson Road, a 370-unit luxury project in Carrollton, Texas. Those two projects are expected to be completed by the ends of 2027 and 2026, respectively.
