As new mega-resort projects return to the Las Vegas Strip and the Downtown Project revitalizes the city’s core, investors and developers are leaving years of uncertainty behind and showing increased interest in the city. The latest sign of that renewed confidence: The Wolff Co.’s acquisition of 3,098 apartment units from Sierra Nevada Multifamily Investments L.L.C.
Collectively dubbed the Oasis Portfolio, Wolff’s acquisition consists of 14 apartment communities located around Las Vegas. The seller was a joint venture created by DRA Advisors on behalf of an institutional investor and an affiliate of Camden Property Trust. Financial terms were not disclosed.
“The portfolio represents an excellent mix of assets with strong in-place operations and a potential value-add opportunity as the market continues its recovery,” commented Fritz Wolff, CEO of the Wolff Co., in a statement.
He added that the company, a real-estate private equity firm specializing in multi-family acquisition and development, is seeking similar investment opportunities.
For an analysis of the current multifamily trends in the U.S. market, courtesy of Reis Reports click here.