CHICAGO–(BUSINESS WIRE)–An affiliate of Walton Street Capital, L.L.C. (“Walton Street”) announced that it has acquired and recapitalized a 286-unit mid-rise community located at 3850 West Nevso Drive in West Las Vegas (“Elysian Palms” or the “Property”) in partnership with The Calida Group (“Calida”).
Completed in 2021, the Property features a mix of studio, one-, and two-bedroom apartments that are currently 96% leased. Unit and property amenities include designer interiors with contemporary finishes, fully equipped kitchens with stainless steel appliances, plank flooring, a luxurious resident clubhouse, an outdoor pool with cabanas and grill areas, an oversized fitness center with a yoga/spin studio, tanning salon, dog park and rooftop deck overlooking the Las Vegas Strip.
Elysian Palms is situated just one mile west of the Las Vegas Strip, which is the heart of the metro area and is home to over 30 major casinos, 145k hotel rooms, and 8 million SF of convention space and countless retail, dining, and entertainment venues. With nearby proximity to Interstate 15 & Highway 215, residents can easily access numerous employment nodes and recreational facilities including a scenic trail system, parks, and professional sporting events.
“The Elysian at the Palms represented the opportunity to acquire a recently constructed, high quality residential product, differentiated in a premier lifestyle location. We are excited about our venture with The Calida Group in this transaction and look forward to expanding our partnership together,” said Andrew Gindy, Senior Principal at Walton Street.
“We anticipate that the Las Vegas market is well positioned for continued population growth, relative affordability, low levels of new supply, and the ongoing cyclical recovery of the leisure sector,” said Robert Bloom, Managing Principal at Walton Street.
About Walton Street Capital, L.L.C.: Walton Street is a private equity real estate investment firm that, since its inception in 1994 through its affiliates, has raised over $14 billion of capital commitments from a broad cross-section of sophisticated institutional investors. Walton Street’s principals have collectively acquired, financed, managed, and sold over $50 billion of real estate and have an average of 20 years of real estate industry experience. Senior management has collectively invested and managed both real estate equity and debt through several real estate cycles over five separate decades and more than 40 years, forging long-term and deep relationships with lenders, public and private real estate owners, operators, brokers, managers, and industry service providers.
About The Calida Group: The Calida Group is a leading developer, investor, and operator of multifamily real estate properties in the western United States. Founded in 2007 by Douglas Eisner and Eric Cohen, the principals have developed or acquired more than 16,000 multifamily units. Calida invests roughly $1 billion annually across three primary strategies (Development, Value-Add Acquisitions and Core-Plus Acquisitions) on behalf of a series of discretionary commingled funds serving the family office and ultra-high net worth communities, as well as forming partnerships with many of the nation’s largest financial institutions.
Contacts
Walton Street Capital, L.L.C.
Jessica Jahn
(312) 915-2859
jjahn@waltonst.com
