Dealmaker: Laguna Point Properties Acquires Las Vegas Apartments for $126M

Laguna Point Properties, Mission Viejo, Calif., acquired the 996-unit The Harmon at 370, the largest multifamily community in Las Vegas, for $126 million.

Bridge Debt Strategies, Salt Lake City, Utah, supplied debt financing for the off-market transaction.

The transaction represented the firm’s second large Las Vegas multifamily investment in the past 30 days. In May, Laguna Point acquired a 708-unit portfolio for $129.7 million.

The property at 370 East Harmon Avenue is three blocks east of Las Vegas Boulevard, known as 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 for the Las Vegas Grand Prix next year.

The Harmon at 370 has been operated as weekly rentals since it delivered in 1989. The units remain in their original condition, giving Laguna Point an opportunity to renovate and reposition the community to meet the demand for quality affordable conventional rental housing as Las Vegas’ population grows.

“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,” said Laguna Point Co-Principal Greg Campbell. “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.”

Campbell said Laguna Point expects to complete the improvements and stabilize the asset within 18 months.