Waterton has expanded its Las Vegas holdings with the acquisition of a two-property multifamily portfolio in the Centennial Hills master plan. This brings the national real estate investor and operator’s total unit count in the metro area to over 2,000.
According to Waterton, it is confident in the market dynamics driving demand in Las Vegas, including job growth, in-migration, and access to business and lifestyle amenities.
“The multifamily market and the demand for quality, well-located housing in Las Vegas has remained strong,” said Kevin Ibasco, vice president of acquisitions at Waterton. “As travel, casinos, hotels, and conventions have started to ramp back up, Las Vegas has seen tremendous growth over the past year, and we anticipate demand to continue, given the market’s relative affordability, low tax burden, and business-friendly environment.”
The two properties in the portfolio include the 312-unit Ely at Centennial Hills, completed in 1996, and the 312-unit Pointe at Centennial Hills, completed in 1997, will be rebranded as one community—The Paisley & Pointe at Centennial Hills.
Both properties offer one-, two-, and three-bedroom units with in-unit washers and dryers as well as clubhouses, picnic and barbecue areas, playgrounds, fitness centers, and resort-style pools. Additional amenities include a dog park, shuffleboard, and billiards at Ely at Centennial Hills and basketball and tennis courts at Pointe at Centennial Hills.
While a portion of the units and amenity spaces have undergone previous cosmetic upgrades, Waterton still will have the opportunity to implement a curated value-add strategy.
“As we continue to grow our footprint in the Last Vegas market, Waterton’s operating expertise combined with our cycle-tested ability to quickly execute a vertically integrated value-add strategy sets us apart from other owner/operators in the region,” added Ibasco. “The physical attributes of these well-located assets offer a compelling opportunity to provide newly renovated apartment homes at an affordable rent level to residents in the area.”
