Southern California-based Laguna Point Properties has acquired The Harmon at 370, the largest multifamily community in Las Vegas with 996 units, for $126 million in an off-market transaction.
This is the multifamily investment company’s second significant multifamily investment in Las Vegas in the past 30 days. The firm closed on a 708-unit portfolio for $129.7 million last month. Its local portfolio now comprises seven communities with approximately 2,400 units.
The Harmon at 370 is located three blocks east of the Las Vegas Strip between the newly rebranded Virgin Hotels Las Vegas and a 30-acre site to be developed by Formula 1 as a race support and entertainment venue associated with next year’s Las Vegas Grand Prix.
The multifamily community, which has a mix of studio and one-bedroom floor plans, has been operated as weekly rentals since it was built in 1989. Laguna Point Properties will begin a multimillion dollar renovation that will upgrade unit interiors, building exteriors, and common areas. According to the company, improvements and asset stabilization will be completed within 18 months.
In addition, residents have access to a wealth of amenities, including an expansive pool deck with two oversized resort-style swimming pools, a 2,500-square-foot fitness center, sports and pickleball courts, and picnic areas.
“In addition to the sheer size of the asset, it is a short walk to the heart of the Strip and its nearly 500,000 jobs,” said Greg Campbell, co-principal at Laguna Point Properties. “There is a lack of quality workforce housing near resorts and entertainment venues, and we intend to renovate the property to a very attractive level.”
The property is leveraged with financing from Bridge Debt Strategies. In addition, a portion of the equity is being funded by capital contributions from Laguna Point Properties’ pool of high and ultra-high net-worth individuals.
Cushman & Wakefield will manage the property.
