The real estate investor/operator Waterton has teamed the multifamily developer and manager The NRP Group to acquire an 8.5-acre site in Las Vegas for a 368-unit luxury rental community.
The community will consist of two four-story, elevator-serviced multifamily buildings offering studio, one-, two, and three-bedroom floorplans with select one-bedrooms also featuring a den. A resort-style amenity package will include an outdoor pool, two courtyards, and outdoor seating areas with firepits and grilling stations, plus a club lounge, co-working space and conference room.
The financial terms of the acquisition were not disclosed. The property is based 15 minutes south of the Las Vegas Strip and delivery of the first residences is estimated for mid-year 2027 with completion targeted for early 2028.
“We’re excited to be partnering with such an experienced development firm to bring this project to life and further our development strategy,” said Kristi Nootens, senior vice president, development at Waterton. “This project offers an excellent opportunity to create a luxury rental community in a sunbelt market with relatively limited supply compared to similar markets. The location is proximate to a variety of employment opportunities in a growing submarket where the costs of homeownership far exceed the costs of renting.”
“Partnering with Waterton has enabled us to bring high-quality housing to one of the nation’s fastest-growing regions,” said The NRP Group Vice President of Development Mike Moriarty. “As our first collaboration together, this project reflects our shared vision for creating a vibrant, thoughtfully designed community that meets the needs of today’s South Enterprise residents. With a prime location near major employment hubs, retail and entertainment, it offers residents a lifestyle that combines convenience and luxury living.”
Photo: Artist’s rendering of the new community
