Blackstone Buys $159M Las Vegas Portfolio

The deal, one of the metro’s largest this year, included two newly completed Class A communities comprising nearly 700 units.
Spur Apartments. Image courtesy of Yardi Matrix

Nevada West Development and WestCorp Management Group have sold a luxury multifamily portfolio outside Las Vegas to Blackstone Group for $158.7 million, according to Yardi Matrix. The transaction included two properties—the 286-unit Spur Apartments and the 398-unit Dune Apartments—which both opened in 2018.

Located at 985 W. Wigwam Parkway in Henderson, Nev., Spur is situated at the intersection of Interstate 215 and North Gibsen Road, 14 miles southwest of downtown Las Vegas. The community contains one-, two- and three-bedroom units, with floorplans between 836 and 1,390 square feet. Amenities include electric vehicle charging stations, valet trash pickup service, a community room and a swimming pool. In February, the property was 93 percent leased, per Yardi Matrix data.

Dune Apartments. Image courtesy of Yardi Matrix

Dune Apartments is positioned 6 miles west of Spur, at 3080 St. Rose Parkway, also in Henderson. The property’s 26 buildings contain one- to three-bedroom apartments, ranging from 644 to 1,390 square feet. The community’s amenities include a dog park, a 24-hour fitness center, garage parking and on-site recycling collection. The asset was 88.7 percent occupied as of February, according to Yardi Matrix.

Last summer, Blackstone partnered with Starlight Investments to acquire 746 units across six communities in Canada. One of the properties is located in Montreal, with the remaining five in Toronto.