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September 22, 2021
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Waterton Closes on Two-Property, 624-Unit Res Buy in Las Vegas

8/31/21

Waterton has acquired a two-property multifamily portfolio totaling 624 units in Las Vegas’ Centennial Hills master-planned community. Although a price was not given out, industry sources suggest the deal had a value in the neighborhood of $160 mil, which works out to over $256k per unit.

Ely at Centennial Hills
Ely at Centennial Hills
The portfolio consists of neighboring high-quality apartment communities each comprising 312 units: Ely at Centennial Hills, located at 5900 Sky Pointe Dr; and the Pointe at Centennial Hills, located at 5850 Sky Pointe Dr. The properties will be rebranded as one community, The Paisley & Pointe at Centennial Hills.

The properties were sold by The Calida Group. When The Calida Group purchased the properties they were being operated as one asset; since then, they strategically split up the operations and focused on renovating the Ely at Centennial Hills asset in order to display the rental upside that the assets offered.

Ely at Centennial Hills recently underwent a massive renovation program, including a full overhaul to completely re-imagine the clubhouse, leasing office, and amenity space, while 8% of the units were elevated to a full renovation scope. Millions of dollars went into the renovations on the common areas, amenity spaces, and clubhouse alone. Conversely, Pointe at Centennial Hills has remained largely in classic condition, with ownership maintaining the partial renovation scope from prior ownership while operating for natural market growth.

Situated 15 minutes northwest of downtown Las Vegas and proximate to the northwest medical district, Centennial Hills Hospital, and Nellis Air Force Base, the acquisition brings Waterton’s total portfolio in the metro area to over 2,000 units. The acquisition represents confidence 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, 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 Calida Group was represented in the transaction by Taylor Sims, Carl Sims, and Brady Cleary with Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas. Sims pointed out that Las Vegas remains a premier market for talent attraction, while apartment rent growth remains one of the strongest in the country.






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