News Summary
Waterton and The NRP Group have joined forces to acquire a prime 8.5-acre site on South Las Vegas Boulevard, set to develop a new 368-unit luxury rental community. With construction beginning soon, the project will feature modern apartments and a range of high-end amenities. Residents will benefit from proximity to key employment hubs and future transit options, meeting the rising demand for quality rentals in the area.
Las Vegas, NV – Waterton and The NRP Group have announced their partnership to acquire an 8.5-acre site on South Las Vegas Boulevard for the development of a new 368-unit luxury rental community. The financial closure for the project has been completed, and construction is set to begin imminently.
This marks the inaugural collaboration between Waterton and The NRP Group, with the development aiming to enhance Waterton’s traditional value-add strategy through this substantial project. Kristi Nootens, senior vice president of development at Waterton, highlighted the excitement around the project, particularly given the limited supply of luxury rentals currently available in the region.
The new rental community will feature two four-story multifamily buildings, offering a variety of floor plans including studios, one-bedroom, two-bedroom, and three-bedroom apartments, with select one-bedroom units providing additional space with a den. The interiors of the units will showcase modern finishes such as quartz countertops, subway tile backsplashes, stainless steel appliances, and luxury vinyl plank flooring.
In addition to quality interiors, the community will provide an array of amenities aimed at enhancing the resident experience. These amenities will include a resort-style outdoor pool, two courtyards, outdoor seating areas equipped with firepits and grilling stations, as well as a club lounge, co-working space, and a conference room. Mike Moriarty, Vice President of Development at The NRP Group, noted that the project aims to deliver high-quality housing in a rapidly growing area.
The development site is strategically located just 15 minutes south of the Las Vegas Strip, offering residents access to a variety of employment opportunities. Nearby significant employment hubs include the newly opened 1.2 million-square-foot Haas Automation headquarters, Levi Strauss & Co.’s regional office, and the NFL’s Las Vegas Raiders practice facility. The recent opening of West Henderson Hospital is expected to bring approximately 750 jobs to the area, with plans for future expansion.
Looking ahead, the anticipated Brightline West high-speed rail service, which will connect Las Vegas to Southern California, is projected to be completed by 2028 and will be conveniently accessible from the property. Waterton and The NRP Group will collaborate financially on the venture, sharing equity commitments, while CIBC will supply a senior loan for the project. The NRP Group will take on the roles of general contractor and property management for the development.
Residents can expect the first units to be delivered by mid-2027, with the overall project completion targeted for early 2028. This new luxury rental community is expected to meet the growing demand for high-quality rental options in a vibrant and rapidly developing region.
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Additional Resources
- PR Newswire: Waterton and NRP Group Partner
- Realtor.com: Las Vegas Luxury Homes Market Snapshot
- Multi-Housing News: NRP Group JV Kicks Off Vegas Community
- Condé Nast Traveler: Best Airbnbs in Las Vegas
- Nevada Appeal: Las Vegas Firm Building Carson City Rental Project
- Wikipedia: Las Vegas
- Google Search: Las Vegas real estate
- Google Scholar: Las Vegas apartments
- Encyclopedia Britannica: Las Vegas
- Google News: Las Vegas housing market
