HOUSTON—Hines reached a milestone in its burgeoning US multifamily platform recently with its first acquisition after years of focusing on development—the Domain Apartments in the Las Vegas suburb of Henderson, NV. The $58.2 million transaction marks the highest price per square foot for Las Vegas garden-style stick frame multifamily since the 2008 recession. The property traded for a record $189,000 per door and $176 per square foot.
Hines' multifamily platform was launched in 2011. Since then the firm has invested nearly $3 billion in the product type and completed 10 apartment communities representing 2,687 units. Hines has an additional 14 projects underway representing 5,084 units.
Jeff Hines, president and chief executive officer of Hines, tells GlobeSt.com: “Our first multifamily acquisition adds a new layer to our successful development platform. We are committed to long-term involvement and investment in this sector.”
The 308-unit, class-A apartment community was completed in 2014. It is 95% occupied, offering one-, two- and three-bedroom units and townhomes spread among 25 two-story buildings. The average unit is 1,075 square feet.
The community offers amenities including a resort-style swimming pool, theater with stadium seating, a pet park and pet wash, electric vehicle charging stations and bicycle rentals. The community is conveniently located near retail, entertainment and employment hubs.
“Domain is well appointed and is situated in one of the most sought-after submarkets in Las Vegas. We look forward to participating in the continued growth of the market with this latest acquisition,” says Hines senior managing director Doug Metzler.
ARA Newmark represented the seller, Nevada West Development, the state's largest multifamily developer.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling more than 346 million square feet.
HOUSTON—Hines reached a milestone in its burgeoning US multifamily platform recently with its first acquisition after years of focusing on development—the Domain Apartments in the Las Vegas suburb of Henderson, NV. The $58.2 million transaction marks the highest price per square foot for Las Vegas garden-style stick frame multifamily since the 2008 recession. The property traded for a record $189,000 per door and $176 per square foot.
Hines' multifamily platform was launched in 2011. Since then the firm has invested nearly $3 billion in the product type and completed 10 apartment communities representing 2,687 units. Hines has an additional 14 projects underway representing 5,084 units.
Jeff Hines, president and chief executive officer of Hines, tells GlobeSt.com: “Our first multifamily acquisition adds a new layer to our successful development platform. We are committed to long-term involvement and investment in this sector.”
The 308-unit, class-A apartment community was completed in 2014. It is 95% occupied, offering one-, two- and three-bedroom units and townhomes spread among 25 two-story buildings. The average unit is 1,075 square feet.
The community offers amenities including a resort-style swimming pool, theater with stadium seating, a pet park and pet wash, electric vehicle charging stations and bicycle rentals. The community is conveniently located near retail, entertainment and employment hubs.
“Domain is well appointed and is situated in one of the most sought-after submarkets in Las Vegas. We look forward to participating in the continued growth of the market with this latest acquisition,” says Hines senior managing director Doug Metzler.
ARA Newmark represented the seller, Nevada West Development, the state's largest multifamily developer.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling more than 346 million square feet.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
