NexPoint Residential Trust acquires acquisitions in Las Vegas for $241m

NexPoint Residential Trust has entered into an agreement to purchase a three-property portfolio in Las Vegas, Nevada from an unaffiliated third party for approximately $241 million.

The properties, Bella Solara, a 320-unit property built in 1989; Bloom, a 528-unit property built in 1989; and Torreyana, a 315-unit property built in 1997, are situated on approximately 13.3, 26.9 and 16.3 acres of land, respectively. As of Oct. 16, 2019, the Las Vegas 3 Portfolio was 94.6 percent occupied with a weighted average effective monthly rent of approximately $1,200.

The purchase of the Las Vegas 3 Portfolio is expected to close in November.