Hines Exits Las Vegas Multifamily Market in $80M Deal
- Jan 08, 2020
Hines Interests has sold Domain Apartments, a 308-unit luxury community in suburban Las Vegas, for $80.1 million, according to public records. The transaction marks the seller’s exit from the metro’s multifamily market.
Hines had purchased the asset—its first-ever multifamily acquisition—in January 2016 for $58.2 million from Nevada West Development, per data from Yardi Matrix. Wells Fargo had financed the deal with a $34.3 million loan.
Located at 831 Coronado Center Drive in the suburb of Henderson, the community is 13 miles south of downtown Las Vegas and less than 2 miles away from the Bruce Woodbury Beltway. The surrounding area is home to a wide variety of retail, hospitality and health-care properties within walking distance.
The property, which opened in 2014, has a mix of one-, two- and three-bedroom apartments, with floorplans ranging from 644 to 1,390 square feet. Amenities include a heated outdoor swimming pool, a clubhouse, complimentary Wi-Fi in common areas, a movie theater, a dog park and a business lounge. Yardi Matrix shows that Domain was 92.5 percent occupied as of November.
The area near Domain has long attracted significant investor interest. In 2019, nearly 20 percent of the metro’s $3.1 billion in multifamily transaction volume involved communities in Henderson, per the same data provider. In April, Blackstone paid $159 million for a 684-unit portfolio in the suburb.