Waterton Expands Las Vegas Portfolio
- Aug 25, 2021
Real estate investor and operator Waterton has acquired a portfolio of two multifamily communities in the Centennial Hills master-planned community of Las Vegas.
The assets are Ely at Centennial Hills, a 312-unit property located at 5900 Sky Pointe Dr., and Pointe at Centennial Hills, a 312-unit community located at 5850 Sky Pointe Dr. The two properties are being combined and rebranded as The Paisley & Pointe at Centennial Hills, a single apartment community.
According to Clark County public records, Ely at Centennial Hills sold for $82 million, while The Pointe at Centennial Hills sold for $78 million, bringing the total sale price for the portfolio to $160 million.
Built in 1997 and 1996, respectively, the communities offer one-, two- and three- bedroom apartments. While both have received cosmetic upgrades, Waterton will be given considerable opportunity to institute a curated value-add strategy.
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Kevin Ibasco, Waterton vice president, acquisitions, told Multi-Housing News that the Las Vegas market is on track to recovery as domestic travel has returned, in-person conferences are being scheduled and most casinos are open at full capacity.
“As the local economy continues to heal and businesses begin operating at levels similar to before the pandemic, we forecast employment growth to outpace the national average, which is a critical driver for housing demand,” Ibasco said. Furthermore, on a longer-term view, market fundamentals will continue to support demand for multifamily product. “Las Vegas offers an affordable place to live relative to other West Coast markets, and attracts companies with its low taxes and business-friendly environment,” he noted.
Pandemic-related hurdles have presented the greatest challenges the Waterton team has faced in the last 16 months. “Prioritizing preventive measures against COVID-19, especially when we’re onsite and inspecting units, has been imperative as we continue to operate and conduct business during this challenging time,” Ibasco said.
In February, Waterton has closed its Waterton Residential Property Venture XIV fund, a $1.5 billion investment fund that was first deployed in the acquisition of a four-property, 1,824-unit portfolio in the Atlanta metro area.