MultifamilyResidential Deal

Two multifamily residential sites in prime locations in Las Vegas

GFH completed the acquisition of two multifamily residential sites in prime locations in Las Vegas as part of our diversifying real estate portfolio. The acquisition was completed in partnership with US-based real estate specialist Carroll, managing in excess of $5.2 billion of assets.

The assets consist of two multifamily residential communities -Emerald Springs and The Meadows, located on the outskirts of central Las Vegas, a short drive from the famous Las Vegas Strip. The community sites include 819 garden-style units which are currently 97% leased and achieving significant rent growth on current lease renewals. On-site resident amenities include: swimming pools, BBQ grills, sports fields, fitness centres, dog parks and clubhouses to cater to the needs of renter market requirements.

The acquisition is line with our investment strategy in ‘Living’ assets, which is based on building a diverse and stable portfolio of ‘Living’ assets including residential, student housing and senior living properties that target areas of high demographic growth.

The multifamily residential sector has proven its resilience with more than 90% rental collection rate during the COVID pandemic and has continued to witness significant investor interest. Due to the sector’s strength, it continues to attract significant institutional capital to the tune of US$ 140 billion during the COVID pandemic in 2020. This is supported by the growing demand for multifamily units resulting from the growth in home prices driven by the low interest rate environment and the increasing preference for renting compared to owning.

Las Vegas is ranked the top city among the US’ high growth secondary markets. It has the highest market occupancy rates, at 96.5%, the second highest population growth year-on-year, at 2.2%, and the second highest annual rental growth, at 3.7%.

The joint venture with Carroll is testament to our strong relationships across a diverse range of sectors and markets.

Investment Features

Strong Partners

Partnered with Carroll, a leading real estate specialist which manages more than 30,000 assets worth some $5.2 billion

Prime Location

Las Vegas has high occupancy rates (96.5%), high population growth (2.2% YoY) and high annual rental growth (3.7% YoY)

Robust and future-proof

The sector has demonstrated proven economic shock immunity during Covid, with higher-than-average rent collection rates. The properties have achieved significant rental premiums on the renovated units whilst maintaining high occupancies


Contact us to learn more about our existing investments and our investment activities.

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c.US$200

Deal Value ($mn)

+90%

Rental collections during Covid

33%

Multifamily sector investment growth in 2021