Griffis Residential Pays $43M for Luxury M-F Asset in Summerlin
- Jan 22, 2014
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.
Image courtesy of thewellington-apartments.com