Waterton Pays $104M for Las Vegas Community

CBRE provided Freddie Mac financing for the acquisition of the 456-unit property.
Vegas Towers. Image via Google Street View

Millennium Management has sold Vegas Towers, a 456-unit, Class B multifamily asset in Las Vegas, to Waterton for $104 million, according to public records. CBRE Capital Markets provided acquisition financing through Freddie Mac. The transaction, combined with a $140 million portfolio deal in July, brings the buyer’s Vegas footprint to nearly 1,200 units. 

Vegas Towers, constructed in 1976, has a unit mix of one- and two-bedroom apartments ranging from 685 to 1,400 square feet. Community amenities include a fitness center, a business center, an outdoor swimming pool and laundry facilities. In December, the property was 95.8 percent occupied, according to Yardi Matrix data, 100 basis points above the metro average.

Located at 1061 E. Flamingo Road, the two 10-story buildings are on the north side of the University of Nevada, Las Vegas’ campus, 3 miles east of the Strip. Several retail centers are a short distance away, and public bus routes link the area with the city center.

Investment activity picked up steam in Las Vegas last year. Yardi Matrix shows that approximately $3.3 billion in transactions closed in 2019, a nearly 50 percent gain compared to 2018’s total volume of $2.2 billion. While Class A assets remained in demand, value-add purchases comprised 46 percent of multifamily investment dollars.