Hines Makes First Foray into Apartment Acquisition, Buying Nevada Property for $58M
- Feb 23, 2016
Henderson, Nev.—The Houston-based real estate firm Hines, better known for its office holdings, has closed on the acquisition of The Domain, an apartment community in the Las Vegas suburb of Henderson, for $58.2 million. It’s the company’s first multifamily property acquisition, though it develops apartments.
The seller was Nevada West Partners, which completed the 308-unit apartment community in 2014. The property commands higher than average rents for the market, with available units ranging from $970 (for a one-bedroom unit) to $1,399 (for a three-bedroom unit). Average rents in southern Nevada are $910, according to Colliers International.
The Domain is 95 percent occupied, offering one-, two- and three-bedroom units and townhomes spread among 25 two-story buildings. The average unit measures 1,075 square feet. Common amenities including a resort-style swimming pool, movie theater with stadium seating, a pet park and pet wash, electric vehicle charging stations and bicycle rentals.
Hines launched its U.S. multifamily platform in 2011. Since then, the company has invested nearly $3 billion in the product type and completed 10 apartment communities totaling 2,687 units. It has an additional 14 projects underway representing 5,084 units.
The company is no stranger to Las Vegas. In 2012, Hines teamed with Los Angeles investment firm Oaktree Capital Management to buy office space—about 1.1 million square feet—in Summerlin for $119.5 million.