Laguna Point Properties announced the acquisition of The Harmon at 370 (as known as Harbor Island Apartments), a 996-units multifamily property located at 370 E Harmon Ave, Las Vegas, NV 89169 for $126 million ($126,506 per unit).
This property is the largest multifamily property by unit count in the Las Vegas market, and has been operated as weekly rentals without renovations since its construction in 1989. The studio and one-bedroom units rang from 375 to 450 square feet.
The property is adjacent to the newly rebranded and renovated Virgin Hotel & Casino, and, on the other side, 40 acres of vacant land that was just recently announced as the future site of the Formula 1 Las Vegas Grand Prix track and main hospitality facilities.
Avison Young's Las Vegas based Sauter Multifamily Group, comprised of Patrick Sauter, Art Carll-Tangora, and Steve Nosrat, represented the buyer and the seller 3D Investments to facilitate the transaction.
“The new owner will transform the Property into the premier apartment home for Class “B” renters working on and around the Las Vegas Strip by converting the weekly rentals to monthly apartment leases, and upgrading unit interiors, common areas and amenities," said Sauter, Principal at Avison Young.