Atlas Apartment Homes (previously Falcon Landing) is a garden-style community located in North Las Vegas and constructed in 2008. The property’s 26 buildings consist of 198 one- and two-bedroom apartment homes, featuring optional loft-style floor plans. In 2018, Interwest, in partnership with New York-based institutional partner, purchased the multifamily asset for just over $27 million.
Atlas was acquired from an individual owner who self-managed the property. His management style consisted of maintaining low rents to ensure high occupancy. Rent growth was constrained by the overall feel and condition of the community. From common areas to apartment interiors, the asset was dated and needed a significant refresh.