We’re pleased to announce that we’ve acquired the EVO Apartments, a 376-unit luxury apartment community in Las Vegas. Built in 2017, the apartments feature high-end finishes and modern amenities including a rooftop pool and lounge with stunning views of the Las Vegas Strip and nearby mountain ranges.
Our total equity investment in this property is $43.3 million, with $37.3 million contributed by the Heartland eREIT, and the remaining $6 million contributed by the Growth eREIT.
At a strategic level, we continue to see opportunities to earn attractive risk-adjusted returns by investing in apartments located in areas that we believe will grow faster than the national average in the coming years due to broad demographic trends.
Business plan
At the time of our acquisition, the property was near full occupancy. We plan to hold and manage the property for roughly ten years before seeking exit opportunities.
Our goal is to earn consistent income over the duration of the investment, with the potential for long-term upside by selling the property at a premium to what we paid for it.
Why we invested
- Population shift from California to Las Vegas: The high cost of living in California has many residents moving to neighboring states. With this influx of people, Nevada has been the fastest-growing state in the country for the past two years, with the majority of that increase attributable to the Las Vegas metro area.
- Experienced partner: Interwest Capital has a successful track record in excess of $650 million, including experience with the Las Vegas market.
- Desirable location: The property is located in southwest Las Vegas, roughly a 15-minute drive from the Strip with close proximity to several major employers, including two hospitals, Pepsi’s Las Vegas Plant, and the UFC headquarters.
As always, please don’t hesitate to reach out to investments@fundrise.com with any questions or feedback.
