Haven Realty Capital has broken into the build-to-rent sector of the Las Vegas multifamily market. The firm partnered with funds managed by an affiliate 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 Homes and Avision Development Partners, is 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. At build-out in fall 2022, the project will feature 12 residential buildings housing 60 two-story mid-rise townhomes. The townhomes will be built as three-bedroom units ranging from 1,541 to 1,789 square feet, with attached two-car garages and a walk-out deck. The community will also offer a pool and cabana as common amenities.
The project is expected to be developed in a total of eight phases, where the Haven Realty Capital-led joint venture will close on the remaining homes in phases over the next 12 months.
PLANS TO EXPAND VEGAS FOOTPRINT
While Thrive at Peace Way is Haven Realty Capital’s first BTR community in Las Vegas, the firm has been investing in the city since 2012 through single-family rental and multifamily acquisitions.
Sudha Reddy, founder & managing principal of Haven Realty Capital, told Multi-Housing News that the company owned more than 600 single-family rental homes at its peak. Reddy also told MHN that Haven Realty Capital expanded into Las Vegas’ multifamily sector in 2015 and now has more than 1,000 units in the market. Last year, the firm 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 U.S. The firm’s portfolio now includes 36 BTR communities in various phases of construction and stabilization, totaling more than 3,700 homes across nine states. Reddy also told MHN that Haven Realty Capital is planning to expand its BTR footprint in the Las Vegas market and has plans to build additional BTR communities.