Laguna Point Properties Acquires Vegas Community for $126M
The 996-unit property near the Strip will undergo extensive renovations.
Harbor Island Apartments. Image courtesy of Laguna Point Properties
Laguna Point Properties has acquired the largest multifamily property by unit count in Las Vegas. The firm acquired The Harmon at 370 from 3D Investments for $126 million. Avison Young’s Patrick Sauter, Art Carll-Tangora and Steve Nosrat facilitated the off-market transaction.
Built in 1989 and operating as a weekly rental community since then, The Harmon at 370 has 996 units in studio and one-bedroom floorplans ranging from 375 to 450 square feet. The community’s amenities include a pool deck with two pools, sports and pickleball courts, picnic areas and a 2,500-square-foot fitness center.
Located at 370 E. Harmon Ave., the community is three blocks east of Las Vegas Boulevard, more commonly known as The Strip. The Harmon at 370 is also between the newly-rebranded Virgin Hotel & Casino, and a 39-acre site that’s being developed by Formula 1 into a race support and entertainment venue for the inaugural Las Vegas Grand Prix happening in 2023.
MAJOR UPDATES COMING
All of the community’s units are in their original condition so Laguna Point Properties is planning to renovate and reposition the asset. The firm is immediately starting a multi-million dollar renovation program that includes improvements to unit interiors, building exteriors and common areas. Laguna Point Properties is looking to complete the improvements and stabilize the community within 18 months. The firm also tapped Cushman & Wakefield to help with that goal, tasking the company with property management.
For Laguna Point Properties, The Harmon at 370 is its second significant multifamily investment in the Las Vegas area in the past month. Previously, the firm closed on a 708-unit portfolio in the area for $129.7 million. On the other hand, Laguna Point Properties has also sold some of its communities in the Las Vegas area, including a 208-unit community in Paradise, Nev. Now, Laguna Point Properties’ local portfolio includes seven communities totaling approximately 2,400 units.
