(LAS VEGAS) – Hines, the international real estate firm, today announced a major milestone in its burgeoning U.S. multifamily platform. The firm closed on the acquisition of The Domain in the Las Vegas suburb of Henderson. The sellers were represented by Newmark Grubb Knight Frank.
The 308-unit, Class A apartment community was completed in 2014. It is 95 percent occupied, offering one, two and three-bedroom units and townhomes spread among 25 two-story buildings. The average unit is 1,075 square feet. The community offers amenities including a resort-style swimming pool, movie theater with stadium seating, a pet park and pet wash, electric vehicle charging stations and bicycle rentals. The community is conveniently located near retail, entertainment and employment hubs.
Hines Senior Managing Director Doug Metzler commented, “The Domain is well appointed and is situated in one of the most sought-after submarkets in Las Vegas. We look forward to participating in the continued growth of the market with this latest acquisition.”
Hines launched its U.S. multifamily platform in 2011. Since then the firm has invested nearly $3 Billion in the product type and completed 10 apartment communities representing 2,687 units. Hines has an additional 14 projects underway representing 5,084 units.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 199 cities in 19 countries. Hines has $87 billion of assets under management, including $43 billion for which Hines provides fiduciary investment management services, and $44 billion for which Hines provides third-party property-level services. The firm has 104 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,100 properties, totaling over 346 million square feet. The firm’s current property and asset management portfolio includes 531 properties, representing over 186 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most respected real estate organizations in the world. Visit www.hines.com for more information.