Haven Realty, Apollo Global Acquire First Phase of Las Vegas BTR Community
The remaining homes are to be acquired in phases over the next 12 months.
Haven Realty Capital, in partnership with funds managed by an affiliate of Apollo Global Management, has acquired first phase of a $22.8 million build-to-rent townhome community now under construction in the Las Vegas, NV suburb of Summerlin. The Haven-led joint venture will acquire the remaining homes in phases over the next 12 months.
Thrive at Peace Way is being developed by the seller, a joint venture of Edward Homes and Avision Development Partners, on a five-acre site at 10132 Serenity Star Way, between Flamingo and Tropicana. The development will feature 12 residential buildings housing 60 two-story mid-rise townhomes. Each townhome will have an attached two-car garage and walk-out deck. Common area amenities will include a resort-style pool and cabana.
Haven has invested in Las Vegas since 2012, where it has acquired single-family rentals and multifamily properties. Thrive at Peace Way is the firm’s first BTR community in the city and marks the expansion of its BTR platform into the Western U.S. Haven currently controls 36 BTR communities in various phases of construction and stabilization representing more than 3,700 homes located across nine states.