CHICAGO, November 04, 2021– (BUSINESS WIRE) – A subsidiary of Walton Street Capital, LLC (âWalton Streetâ) announced that it has acquired and recapitalized a mid-rise community of 286 units located at 3850 West Nevso Drive in West Las Vegas (âElysian Palms “or the” Property “) in partnership with The Calida Group (” Calida “).
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Elysian at The Palms, a mid-size apartment community of 286 Class A units in Las Vegas (Photo: Business Wire)
Completed in 2021, the property comprises a mix of studios, one and two bedroom apartments which are currently 96% let. Amenities at the unit and property include designer interiors with contemporary finishes, fully equipped kitchens with stainless steel appliances, plank flooring, a luxury resident lodge, outdoor pool with cabanas and loungers. Grilling areas, an oversized fitness center with a yoga / spin studio, a tanning salon, dog park, and rooftop patio overlooking the Las Vegas Strip.
Elysian Palms is located just one mile west of the Las Vegas Strip, which is the heart of the metro area and is home to more than 30 major casinos, 145,000 hotel rooms and 8 million square feet of convention space and countless shopping, dining and entertainment venues. Close to Interstate 15 and Highway 215, residents can easily access many employment centers and recreational facilities, including a scenic trail system, parks, and professional sporting events.
âThe Elysian at the Palms represented the opportunity to acquire a newly constructed high quality residential product, differentiated in a premier lifestyle location. We are delighted to be working with the Calida Group in this transaction and look forward to expanding our partnership together, âsaid Andrew Gindy, Senior Director of Walton Street.
âWe expect the Las Vegas market to be well positioned for continued population growth, relative affordability, low levels of new supply and the ongoing cyclical recovery in the leisure industry,â said Robert Bloom, Managing Director of Walton Street .
About Walton Street Capital, LLC: Walton Street is a private equity real estate investment company that, since its inception in 1994 through its subsidiaries, has raised over $ 14 billion in capital commitments from a wide range of sophisticated institutional investors. The executives of Walton Street have collectively acquired, financed, managed and sold more than $ 50 billion in real estate and have an average of 20 years of experience in the real estate industry. Senior management has collectively invested and managed both real estate equity and debt through multiple real estate cycles over distinct five decades and over 40 years, forging long-term and deep relationships with lenders, public real estate owners and private operators, brokers, managers, and industry service providers.
About the Calida group: The Calida Group is a leading developer, investor and operator of multi-family real estate properties in the western United States. Founded in 2007 by Douglas Eisner and Eric Cohen, the leaders have developed or acquired more than 16,000 multi-family units. Calida invests approximately $ 1 billion annually in three core strategies (Development, Value-Added Acquisitions and Core-Plus Acquisitions) on behalf of a series of discretionary blended funds serving family office and very high net worth communities, as well as forming partnerships with many of the country’s largest financial institutions.
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Walton Street Capital, LLC