National real estate investor and operator Waterton is going beyond its typical value-add strategy. The firm has partnered with The NRP Group, a vertically integrated multifamily developer, builder, and manager, to acquire an 8.5-acre site in Las Vegas for a 368-unit luxury rental community.
This marks the first partnership between the companies and is Waterton’s first large-scale, ground-up development. The partners are providing equity commitments for the development, while CIBC is providing a senior loan.
“We’re excited to be partnering with such an experienced development firm to bring this project to life and further our development strategy,” said Kristi Nootens, senior vice president of development at Waterton. “This project offers an excellent opportunity to create a luxury rental community in a Sun Belt market with relatively limited supply compared to similar markets. The location is proximate to a variety of employment opportunities in a growing submarket where the costs of homeownership far exceed the costs of renting.”
The NRP Group will serve as general contractor and provide property management services. Construction is slated to begin imminently, with the delivery of the first until in mid-2027.
The community, just 15 minutes south of the Las Vegas Strip, will comprise two four-story buildings with studio, one-, two-, and three-bedroom floor plans. Unit interiors will include quartz countertops, subway tile backsplashes, and stainless-steel appliances in the kitchens and luxury vinyl plank flooring throughout. Outside, residents will have access to a pool, two courtyards, and seating areas with fire pits and grilling stations. Inside, the amenities package includes a club lounge, a coworking space, and a conference room.
In addition, the community will provide residents with convenient access to employment options, such as the new Haas Automation headquarters, Levi Strauss & Co.’s regional office and distribution center, and the Las Vegas Raiders headquarters and practice facility.
“Partnering with Waterton has enabled us to bring high-quality housing to one of the nation’s fastest-growing regions,” added Mike Moriarty, vice president of development at The NRP Group. “As our first collaboration together, this project reflects our shared vision for creating a vibrant, thoughtfully designed community that meets the needs of today’s South Enterprise residents. With a prime location near major employment hubs, retail, and entertainment, it offers residents a lifestyle that combines convenience and luxury living.”