Southern Land and GTIS Partners form JV, buy Las Vegas opportunity zone site

Southern Land Co., a Nashville-based real estate development firm, and GTIS Partners have formed a joint venture and completed the simultaneous closing on the acquisition of Auric Symphony Park, a fully-entitled, shovel-ready, class A multifamily development site in downtown Las Vegas.

The site is located in a federally-designated opportunity zone and represents GTIS Partners’ first opportunity zone investment.

“We are thrilled to be investing in the Las Vegas multifamily market with a talented developer with whom we have worked successfully in the past,” said Tom Shapiro, president and CIO of GTIS Partners. “As opportunity zone investors, we are highly focused on deals that are positioned to succeed over the long term, and we think the downtown Las Vegas location offers an ideal combination of proven in-place demand today, as well as long-term upside as the submarket continues to mature and expand.”

The project will feature 324 class A multifamily uni