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8/05/20
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Harlow Luxury Apartments, a 98-unit Class A luxury multifamily community in Las Vegas, was purchased by a SoCal-based private equity firm for $21.5 mil, or around $219k/unit. The property is located at 10620 W. Alexander Rd, on the west side of the Bruce Woodbury Beltway.
The asset was sold by Next Wave Investors LLC, who originally acquired the resort-style property in March 2019 for $17.1 mil. The firm increased the property’s value by more than 25% during less than 16 months of ownership, according to Jordan Fisher, Principal at Next Wave.
Harlow Luxury Apartments is located near Lone Mountain, in the expanding northwest region of Las Vegas. It is within five miles of Summerlin, one of the most prestigious communities in the Las Vegas Valley. Summerlin offers direct access to numerous entertainment and shopping centers.
Before the sale, Next Wave performed major interior renovations, including the installation of new countertops, flooring, appliances, lighting, miscellaneous fixtures and paint in nearly 30 units at Harlow Luxury Apartments. According to David Sloan, Principal at Next Wave, the firm’s efficient operations model, coupled with achieving higher revenues in newly-renovated units, resulted in their investors realizing an IRR above projections for this investment.
Next Wave currently has three assets with 304 units remaining in its Las Vegas portfolio and expects to add to its holdings in market in the coming months.
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