The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 24, 2022
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



HOME PAGE NEWS
Printer-friendly Version   Email an Associate
Laguna Point Properties Picks Up Over 700 Res Units in Las Vegas

5/03/22

SoCal-based Laguna Point Properties has acquired two apartment communities in Las Vegas totaling 708 units in an off-market transaction worth $129.7 mil ($183k/unit). The properties were sold by an overseas investor.

Topaz and Viridian are part of a 1,945-unit, $566 mil multifamily portfolio acquisition by Laguna Point Properties that includes five properties in Los Angeles and one in Jacksonville, Fl, that closed in the past few weeks. The Orange County-based firm negotiated the complex value-add portfolio deal with three separate sellers.

“Most transactions of this size typically require significant institutional or private equity joint venture capital, but we bought this portfolio with the 100% support of our syndication of high-net-worth investors,” said Laguna Point Properties Co-Managing Principal Dan Hick. “As our investor pool continues to grow, we are able to seek out larger and more complex transactions throughout the United States,” he said.

Built in 1985 and 1981, respectively, the Topaz and Viridian apartment communities are located adjacent to one another on West Viking Road across the street from The Palms Casino & Resort. It is less than 1.5 miles west of the Las Vegas Strip, a major job center employing more than 500,000 people. The 252-unit Topaz offers one- and two-bedroom floorplans, and floorplans at the 456-unit Viridian range from studio to three bedrooms.

With neither property having received and meaningful renovation in years, Laguna Point Properties will commence upgrades and renovations at the multifamily properties, including modernized unit upgrades, exterior and common area improvements and landscaping enhancements. The firm’s value-add strategy is further supported by the off-market acquisition that yielded a substantial discount to replacement cost. Las Vegas experienced a 13.6% jump in effective asking rents for new apartment leases of in 2021, more than tripling the U.S average of 4.2%

Laguna Point Properties has engaged Cushman & Wakefield to manage the two properties in Las Vegas, Greystar to manage the properties in Los Angeles and ZRS Management to manage the property in Jacksonville.

Laguna Point Properties was represented by Pat Sauter and Art Carll-Tangora of Avison Young’s Las Vegas office. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly with CBRE Capital Markets helped secure debt financing for Laguna Point.




Return to the previous page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2022 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media