Waterton Re-Enters Vegas With $140M Buy
- Jul 04, 2019
Bascom Group and Oaktree Capital Management have sold a two-community, 720-unit luxury multifamily portfolio to Waterton for $140.2 million, according to public records. CBRE originated acquisition financing through Freddie Mac to fund the purchase. The sale closed alongside a separate, $19 million sale of a senior living asset to ConAm Group.
The larger of the two properties, the 400-unit Mirasol Apartment Homes, is set on 21.9 acres at 2180 E. Warm Springs Road, a short distance south of McCarran International Airport. The garden-style community’s 50 buildings opened in 1996 and were 93.5 percent occupied in May, per data from Yardi Matrix.
Surrounded by The Legacy Golf Club, the 320-unit Fairways on Green Valley is located at 1851 N. Green Valley Parkway in Henderson, Nev., 3 miles southeast of Mirasol and 1 mile north of Interstate 215. The community’s amenities include a dry sauna, a soccer field, two swimming pools and a racquetball court.
The transaction is Waterton’s first in Las Vegas since exiting the metro in July 2017, according to Yardi Matrix. Over the past year, the investment group has greatly expanded its national presence. Last summer, the firm acquired a 3,685-unit portfolio across four states from CBRE Global Investors. More recently, Bainbridge Cos. sold the company 1,148 units across four communities in North Carolina for nearly $170 million.