NexPoint Acquires Las Vegas Portfolio for $241M
- Nov 13, 2019
NYSE-listed REIT NexPoint Residential Trust has agreed to buy a three-property, 1,163-unit multifamily portfolio in Las Vegas for a total of approximately $241 million. Yardi Matrix indicates that Bascom Group had previously acquired the trio of properties from Camden Property Trust in March 2016 for a total of $141.8 million.
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The portfolio includes:
- Bella Solara (320 units) at 7101 Smoke Ranch Road
- Bloom (528 units) at 7075 West Gowan Road
- Torreyana (315 units) at 5155 South Torrey Pines Drive
KeyBank National Association and SunTrust Bank will provide $132.6 million of Federal Home Loan Mortgage Corporation mortgages to finance the REIT’s purchase. The remainder will be funded by roughly $110 million of borrowings under NexPoint Residential Trust’s revolving credit facility.
The portfolio was 94.6 percent occupied as of mid-October, with a weighted average effective monthly rent of about $1,200. All three properties had been managed by AMC under Bascom Group’s ownership.
Buying west of the Strip
Bella Solara and Bloom were built in 1989 and are located within 1.5 miles of each other along U.S. Route 95, northwest of downtown Las Vegas. Bella Solara, consisting of 21 buildings on a 13.3-acre plot, offers apartments ranging in size from one to three bedrooms. Bloom provides one- and two-bedroom layouts across 66 buildings on 26.9 acres of land.
Built in 1997, Torreyana is situated southwest of downtown in the Spring Valley unincorporated town. The 40-building property on a 16.3-acre site features one- and two-bedroom units. All three properties are two stories high and include two swimming pools and at least one spa, among other amenities.