Search
 

Value-Add Apartment Investor Gaining Vegas Foothold

LAS VEGAS-Atherton-Newport Investments of Irvine, CA has acquired 1,100 units in five under performing properties here over the past nine months and has two additional properties under contract.

By Brian K. Miller | Updated on August 18, 2005

LAS VEGAS-Atherton-Newport Investments of Irvine, CA is betting on the Las Vegas apartment market. The Irvine, CA-based value-add residential investor has acquired 1,100 units here in the past several months at a cost of $76 million and has two additional properties under contract that will take that total over 1,500 units.

The firm plans to rehabilitate and reposition the underperforming properties in an effort to deliver attractive returns to investors. Ashish Khatana, who founded the company with Roger Fiola in 2001, tells GlobeSt.com that some of the properties will remain apartment communities, some will be converted to condominiums and others eventually will be torn own and replaced by much larger developments.

The five properties already acquired include St. Charleston and Torrey Pines, two Las Vegas properties totaling 516-units that are operated as one; Villas at Desert Pointe, a 346-unit property also located in Las Vegas; Sunset Hills, a 120-unit property in the neighboring city of Henderson; and the Village of Santa de la Paz, another 120-unit property located in Henderson.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.