Wolff Co. Sells Vegas Community for $151M

The Wolff Co. has sold The Aviary, a 360-unit multifamily property in Henderson, Nev., to TM Equities for $151 million, records filed with Clark County indicate. The buyer, based in Salt Lake City, financed the purchase with an acquisition loan from a lender affiliated with AIG Asset Management.

The Aviary, opened in 2020, has a mix of studio to three-bedroom apartments between 544 and 1,203 square feet, the property’s RENTCafé listing shows. The community’s units feature high-end finishes, from quartz countertops to wood-style flooring, with a number of apartments also boasting kitchen islands, walk-in closets and private balconies. Community amenities include a conference room, package lockers, bicycle storage, a swimming pool, and a spa.

Located on 15.2 acres at 1070 Wellness Place adjacent to the Henderson Hospital campus. Prior to that facility’s opening in 2016, the immediate area had little more than single-family homes. Since then, however, The Wolff Co. has been busy: The company also delivered The Well, a 396-unit asset next door, which sold in early 2021 for $83.5 million.

No Longer a Gamble

Las Vegas took one of the hardest hits nationwide in the early days of the pandemic, as the metro’s gigantic entertainment industry shuttered overnight and — even now — the hospitality sector has yet to recover to early 2020 levels. Tourism and leisure travel have moved closer to previous years, but business travel still has a long way to go.

However, the market’s multifamily fundamentals appear more than sound. Freddie Mac anticipates that Las Vegas will have some of the nation’s fastest-growing rents, projecting at 7.4% for the year — the third-highest in the GSE’s 2022 outlook, trailing only Phoenix and Tampa, Fla. Within Henderson itself, the outlook may be even brighter: Yardi Matrix’s Vegas report from this past fall highlighted that rent growth in the Henderson East submarket has exploded, up 31.5% between October 2020 and 2021.