RSE & Interwest Acquire 376-unit Rental Community in Las Vegas
RSE Capital Partners (“RSE”) and Interwest Capital Group (“Interwest”) recently announced the closing of EVO Apartments, a newly-built rental community in Las Vegas, NV. Built-in 2018, the Class A property features top-notch amenities and ease of access to employment centers, major area thoroughfares and a mix of shopping, dining and entertainment options.
The JV partners are excited about the acquisition and believe that the asset is well-positioned to take advantage of the strong employment and population growth trends that are driving increased demand for quality rental housing in the southwest Las Vegas submarkets.
“EVO Apartments is a beautiful asset in one of Las Vegas’ fastest-growing submarkets. This acquisition indicates our continued faith in markets that feature strong job growth along with a supply-demand imbalance,” said Interwest’s Director of Acquisitions, Elliot Burrell. “We look forward to executing our business plan with RSE as our partners.”
The acquisition of EVO Apartments adds to Interwest’s historical portfolio of over 4,000 multifamily units in Las Vegas and marks the partnerships second deal following the acquisition of The Lennox earlier this year. Scott Monroe of Northmarq’s Las Vegas office secured the Freddie Mac supplemental loan.
EVO Apartments is located about 15 miles from downtown Las Vegas and provides easy access to nearby employment hubs such as the Strip, McCarran International Airport, and Southern Hill Hospital via its close proximity to the Bruce Woodbury Beltway and I-15. Later this year, a massive dining and entertainment complex called The Bend is expected to open providing walkable entertainment and restaurant options.
Community amenities at EVO include a fitness center, clubhouse, basketball court, playground, four swimming pools, a spa, and covered parking.
Las Vegas has experienced a spur of economic development in recent years as new employers flock to the area, attracted by one of the most affordable and dynamic business climates in the U.S. The resulting influx of new jobs has led to increased demand for quality housing, outpacing supply. RSE is focused on investment opportunities in growth markets with a supply/demand imbalance, supported by solid demographic, economic and rental market fundamentals.
For more information, please contact Max Kirschenbaum at [email protected].
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About RSE Capital Partners: RSE is a principal investor that provides flexible capital solutions for the top real estate sponsors. RSE is currently invested in over $4 billion of institutional-quality multifamily assets including over 20,000 units across 25 states. For more information, please visit rsecap.com.
About Interwest Capital Group: Interwest Capital is a private equity firm specializing in the acquisition, operation, and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets. With a national portfolio of approximately 2.8 million square feet, Interwest has become an industry leader through extensive experience restructuring significantly underperforming assets and has a strong track record of successfully repositioning historic properties. Interwest owns over 4,000 multi-family units and six hotels with more than 1,000 hotel rooms across the United States.
