GTIS Teams With Southern Land for Vegas Project
- Sep 10, 2019
Real estate investment firm GTIS Partners LP has teamed up with Southern Land Co. to invest in Auric Symphony Park, a 324-unit, Class A multifamily development within an Opportunity Zone in downtown Las Vegas. The project officially broke ground in May within Symphony Park, a 61-acre vacant site at the junction of Interstates 15 and 95 in the core of the city.
The site is directly across from the Smith Center for the Performing Arts and its two-acre park. In addition to the apartment units, the project will also deliver 13,500 square feet of ground-floor retail, 444 parking spaces and quality amenities including a pool, fitness center and residents’ lounge. Grading has been completed on the fully entitled site and construction is slated to begin immediately, according to a statement.
Financial terms of GTIS’s investment were not disclosed.
Transforming a 61-acre site
Symphony Park, which formerly housed a Union Pacific rail yard, neighbors the Discovery Children’s Museum and the World Market Center Las Vegas, where a 315,000-square-foot exhibition venue is currently under construction. Another multifamily community is underway within Symphony Park. Aspen Heights Partners and Canyon Partners Real Estate broke ground in June on an unnamed, 290-unit project designed by CallisonRTKL.
The neighborhood is zoned for the development of more than 3,000 residential units, as well as 1.6 million square feet of office, 370,000 square feet of retail, 1,750 hotel keys and 16,000 parking spaces, and the new community is expected to benefit from the proximity of downtown, the adjacent Medical District, and the Las Vegas Strip. Las Vegas outpaced all other major U.S. metros with 7.3 percent multifamily rent growth year-on-year as of April, according to Yardi Matrix.
The deal marks GTIS’s first investment in an Opportunity Zone and builds on an existing relationship between the private equity firm and Southern Land. In February, the duo broke ground on Rêve Boulder, a mixed-use community that will feature 242 residences in Boulder, Colo. Leasing for the six-acre development across from Google’s new campus is slated to begin in early 2021.