LAS VEGAS – Hines, which was founded in Houston in 1957, says it has purchased its first existing multifamily community.
Hines bought the 308-unit Domain Apartments in Henderson, near Las Vegas. It is the first time Hines has purchased an apartment built by another company.
Hines launched its multifamily efforts in 2011 and it has developed 10 communities with 2,687 units for $3 billion. It has another 14 projects, with 5,084 units, under development.
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 1, 2 and 3-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, “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.”