Griffis Residential Pays $43M for Luxury M-F Asset in Summerlin

With the amount of deals rising in recent weeks, and the single family home market up in 2013 in terms of prices, the residential market seems to be tightening up and proving its appeal to investors. Recently, a Denver-based multifamily investment and management company completed a deal for the acquisition of yet another Las Vegas residential property. Griffis Residential paid a purchase fee of $43.2 million for The Wellington, a luxury apartment community in Summerlin.

On the heels of significant price increases in Las Vegas’ single-family home market, multi-family properties may be gaining further traction with investors. A case in point: Griffis Residential’s recent $43.2 million acquisition of The Wellington, a luxury apartment community in Summerlin’s Lakes area.

Completed in 1998, the property underwent renovation in 2012 and 2013. The Wellington is near the I-215 beltway, as well as the soon-to-be-completed Shops at Summerlin retail district.

The Wellington offers 332 garden-style units ranging in size between 759 and 1,322 square feet, with five floor plans that include one-, two-, and three-bedroom layouts.

Amenities include 24-hour emergency maintenance, a clubhouse, controlled access entry, a heated swimming pool, spa facilities, tennis and basketball courts, and reserved covered parking.

For Denver-based Griffis, the Wellington deal marks its second acquisition of a high-end multi-family property in less than a year. Last May the company bought Quest Apartments, a 310-unit apartment community in nearby Henderson.  

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