Exclusive: Waterton Gets $87M for Vegas Apartments
The company implemented a value-add program before divesting the asset.
Waterton has sold Mirasol Apartment Homes, a 400-unit asset in Las Vegas, for $87 million, according to Yardi Matrix data. Tishau Holdings Properties acquired the property, which became subject to a $60.4 million Freddie Mac loan originated by Bellwether Enterprise Real Estate Capital.
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. That deal marked Waterton’s reentry into the Vegas market after a two-year hiatus.
The company sold Fairways on Green Valley in February to Hamilton Zanza & Co. for $75 million, the data provider shows. 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.
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Mirasol’s sale does not entail Waterton’s exit from the market. The company continues to own properties in the metro, with some acquired between 2020 and 2021, including the 624-unit Paisley & Pointe at Centennial Hills and The Rays at Vegas Towers, a 456-unit community.
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.
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.
Located at 2180 E. Warm Springs Road, the property is roughly 13 miles south of downtown Las Vegas and 12 miles east of Henderson. The Harry Reid International Airport is roughly 3 miles away.
Waterton declined to comment, while Tishau Holdings Properties did not return Multi-Housing News‘ request for comment at the time of publication.
Waterton’s value-add investment program marches on
Chicago-based Waterton is one of the largest landlords in the U.S., holding approximately $10.1 billion in real estate assets as of March. The company focuses on multifamily and hospitality properties, executing value-add, core and credit strategies, as well as managing a national portfolio on behalf of institutional investors, family offices and financial institutions.
Two years ago, the firm closed Waterton Residential Property Venture XV, a value-add investment vehicle, with $1.7 billion in equity commitments. Last month, the company acquired The Landings at Pembroke Lakes, a 358-unit property in metro Fort Lauderdale, Fla., and plans to implement a light value-add program. Bar Invest Group sold the asset for $80.5 million, Yardi Matrix data shows.
