Laguna Point Properties has acquired the 996-unit The Harmon at 370, the largest multifamily community in Las Vegas, in an off-market transaction valued at $126 million.
This is the second significant multifamily investment in Las Vegas in the past 30 days for Laguna Point Properties. Its local portfolio now counts seven communities totaling approximately 2,400 units. Earlier this month, the Southern California multifamily investment firm closed on a 708-unit portfolio for $129.7 million.
The property at 370 East Harmon Ave. is located three blocks east of Las Vegas Boulevard (The Strip) between the newly rebranded Virgin Hotel and Casino and a 39-acre site to be developed by Formula 1 as a race support and entertainment venue associated with the inaugural Las Vegas Grand Prix in 2023.
“In addition to the sheer size of the asset, it is a short walk to the heart of The Strip and its nearly 500,000 jobs,” said Greg Campbell, co-principal at Laguna Point. “
