LOS ANGELES, CA - Cottonwood Group ("Cottonwood"), a private equity real estate investment firm, is pleased to announce that it has acquired two multifamily properties in Las Vegas, including The Boulevard, which has subsequently been rebranded Summit on Nellis, located at 3050 S Nellis Blvd., and The Quinn, located at 5500 S Mountain Vista Street. Cottonwood acquired Summit on Nellis and The Quinn for $64.0 million and $58.5 million, respectively.
Summit on Nellis features 296 units and The Quinn features 237 units. For both transactions, Cottonwood partnered with experienced operators and contributed the majority of the equity. The two acquisitions establish Cottonwood’s presence in the Las Vegas multifamily market.
“We continue to focus on investing in value-add multifamily properties and creating investment portfolios that seek to generate a combination of current cash flow, downside protection, and upside for our investors,” said Mark Green, Chief Investment Officer at Cottonwood. “Both acquisitions present a significant opportunity to optimize property operations through institutional property management and targeted renovations. Several macro factors, including population growth, employment growth, and a continuing housing supply/demand imbalance, are expected to contribute to a highly favorable rental market.”
“Over the past six months, we have identified and executed on a number of attractive multifamily opportunities. Having the ability to move quickly on new investments allows us to capitalize on our selected markets,” said Green.
This year, Cottonwood has invested in six multifamily properties, including Summit on Nellis and The Quinn. The firm also closed on four multifamily properties in Texas, two in San Antonio and two in Fort Worth.
About Cottonwood Group: Headquartered in Los Angeles, Cottonwood is a private equity real estate investment firm focused on equity and debt opportunities across all property sectors and geographies. The firm's ability to act as a lender, investor, operator and sponsor of real estate investments of all sizes and complexities is fundamental to delivering a risk-adjusted absolute return for investors. Investing out of its discretionary Cottonwood Real Estate Founders Fund and separate institutional accounts, Cottonwood targets U.S. real estate opportunities with a capitalization of up to $1 billion. For more information, visit www.cottonwoodmgmt.com