Haven Realty acquires BTR community in Vegas
Haven Real Estate Capital broke into the construction business for the Las Vegas multifamily rental market. The company has partnered with funds managed by a subsidiary of Apollo Global Management Inc. to acquire the first phase of Thrive at Peace Way for $22.8 million. The seller, a joint venture between Edward Houses and Avision Development Partnersis currently developing the BTR community.
Thrive at Peace Way is located on a 5-acre site at 10132 Serenity Star Way in Las Vegas’ Summerlin submarket. When built in fall 2022, the project will consist of 12 residential buildings housing 60 mid-sized two-storey townhouses. The townhouses will be built as three-bedroom units ranging from 1,541 to 1,789 square feet, with attached two-car garages and walk-out patio. The community will also offer a swimming pool and cabana as common amenities.
The project is expected to be developed in a total of eight phases, where the joint venture led by Haven Realty Capital will close the remaining homes in phases over the next 12 months.
VEGAS FOOTPRINT EXPANSION PLANS
While Thrive at Peace Way is Haven Realty Capital’s first BTR community in Las Vegas, the company has been investing in the city since 2012 through single-family rentals and multi-family acquisitions.
Sudha Reddy, Founder and Managing Director of Haven Realty Capital, said Multi-Accommodation News that the company owned over 600 single-family rental homes at its peak. Reddy also said MNH that Haven Realty Capital expanded into the Las Vegas multi-family sector in 2015 and now has over 1,000 units on the market. Last year, the company sold its 216-unit Class B community in Las Vegas for $38.8 million.
Thrive at Peace Way also marks the expansion of Haven Realty Capital’s BTR platform into the western United States. The company’s portfolio now includes 36 BTR communities in various phases of construction and stabilization, totaling more than 3,700 homes in nine states. Reddy also said MNH that Haven Realty Capital plans to expand its BTR footprint in the Las Vegas market and plans to build other BTR communities.