Faring Acquires Las Vegas-Area Property for $84M
- Jan 12, 2021
Faring, a West Hollywood, Calif., real estate firm that focuses on lifestyle and wellness, has acquired The Well, a 396-unit multifamily community within the world’s first health-integrated master plan community in Henderson, Nev., for $83.5 million.
The seller was not identified but Yardi Matrix reported the owner of the 20-acre property at 1050 Wellness Place was The Wolff Co. The Well, which had 97.7 percent occupancy at the time of the sale, was completed in 2019. It’s located within Union Village, a $1.2 billion, 170-acre mixed-use community that includes health care, housing, retail and entertainment. Henderson Hospital is located within the community.
Jason Illoulian, Faring CEO, said in prepared remarks The Well is located in one of Las Vegas’ most desirable submarkets and offers a compelling opportunity to capitalize on Clark County’s strong economic growth. He added Faring still has a large amount of capital earmarked to purchase additional recently built, stabilized multifamily buildings in Nevada and California.
In late December, Faring was part of a public-private partnership led by Standard Communities as project administrator to create 150 units of affordable middle-class income housing in Carson, Calif., in a $78 million transaction. Faring was part of the partnership that acquired Renaissance at City Center, a market-rate property built in 2013, and transitioned it to workforce housing. Also last year, Faring and Wolff completed a 357-unit, mixed-use property in Carson that includes 32,000 square feet of retail and restaurants along with a public plaza.
The Well was the largest multifamily development to be completed in Las Vegas in 2019, according to Yardi Matrix. The Class A asset has 17 buildings with floorplans ranging from 465-square-foot studios to 1,201-square-foot, three-bedroom apartments. Rents range from $1,199 to $1,563 with an average of $1,453, Yardi Matrix reported.
Located within 1 mile of Interstate 515, the 356,000-square-foot complex is about 20 miles south of downtown Las Vegas. The units feature full-size, in-unit washers and dryers, spacious walk-in closets and private patios/balconies. Community amenities include a clubhouse with media lounge, game room and fitness center; swimming pools and spas; shaded grilling areas; sand volleyball court; playground and nearly 750 parking spaces. Covered parking is available for an additional monthly charge.