Interwest Acquires Vegas Property for $21M
- Jun 13, 2019
WGH Partners has sold The Lennox, a 100-unit luxury community in Las Vegas, to Interwest Capital Group for $20.6 million. RSE Capital Partners provided preferred equity capital for the deal, and Capital One originated $12.6 million in acquisition financing through Freddie Mac, according to Yardi Matrix. The fixed-rate loan matures in 2029.
Located at 430 E. Cactus Ave. in the city’s Paradise Valley South submarket, the community is situated within 10 miles of The Strip and 7 miles south of McCarran International Airport. Several hotels, shops and dining options are in the nearby area. The area surrounding the property is limited in terms of supply, with fewer than 1,500 units within a mile of the community.
The Lennox contains one-, two- and three-bedroom units, with floorplans between 858 and 1,792 square feet. The asset opened its doors in early 2015 and includes a wide range of amenities, from a dog park to a heated swimming pool. In April, the asset was 91 percent occupied, according to Yardi Matrix data.
Las Vegas continues to attract multifamily investors and developers, as rent growth topped 7 percent year-over-year through April. The constrained supply has increased prices across the metro—earlier in June, 896 units changed hands for $152 million in the northwestern part of the city. The deal was the largest multifamily transaction in Nevada’s history.