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Laguna Point Properties Acquires Largest Multifamily Development in Las Vegas
By: Laguna Point Properties
This is the second significant multifamily investment in Las Vegas in the past 30 days for Laguna Point Properties whose local portfolio now counts seven communities totaling approximately 2,400 units. Earlier this month, the Southern California multifamily investment firm closed on a 708-unit portfolio for $129.7 million.
The property at 370 East Harmon Avenue is located three blocks east of Las Vegas Boulevard ("The Strip") between the newly rebranded Virgin Hotel and Casino and a 39-acre site to be developed by Formula 1 as a race support and entertainment venue associated with the inaugural Las Vegas Grand Prix in 2023.
The Harmon at 370 has been operated as weekly rentals since it was constructed in 1989. 100% of the unit mix, which consists of studio and one-bedroom floor plans, remain in their classic condition providing Laguna Point Properties with the opportunity to renovate and reposition the community to meet the demand for quality, yet affordable conventional rental housing as Las Vegas' population continues to grow.
"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," mentions Greg Campbell, co-principal at Laguna Point. "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 highly amenitized, including an expansive pool deck with two oversized resort-style swimming pools, a 2,500-square-
Laguna Point Properties will immediately begin a multi-million-
The property is leveraged with attractive financing from Bridge Debt Strategies. A portion of the equity is being funded by capital contributions from Laguna Point Properties' extensive pool of high and ultra-high net worth individuals.
Cushman & Wakefield has been engaged to manage the property.
About Laguna Point Properties
Founded in 2009, Laguna Point Properties (http://www.laguna-
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