LAS VEGAS – WestCorp Management Group has been retained to continue managing Dream, SW and Union, three Southern Nevada apartment communities recently purchased by leading New York investment firm Blackstone for $170 million. WestCorp opened, stabilized and managed the combined 972 units for Nevada West Development prior to the sale. ARA Newmark brokered the transaction.
The all-cash transaction marks Blackstone’s first multifamily purchase in Las Vegas, signaling a growing interest by institutions to invest in the market.
WestCorp Management Group has worked extensively with start-up properties and stabilized all three in the Blackstone sale within a year. “We are currently working with developers in six western US states on new development projects,” said CEO Bob Weidauer. “When developers look for a management company that can quickly lease up and manage their properties to maximize their valuation, WestCorp Management is a leading expert.”
“One of the key differentiators of these properties is their modern and Millennial-focused amenities,” said Weidauer. “We performed extensive demographic research and worked together with the developer to introduce new in-unit and community amenities that make them among the most modern and social in Southern Nevada.”
Among the services WestCorp Management Group offers its development clients is demographic research, digital marketing services, branding, website and social media presence development, nurturing renter leads and operating system support services for all the major accounting platforms.
“We advise our clients throughout the development process on both hard and soft amenities to ensure each property will be successful in a short period of time,” said Weidauer. “We also prepare them for the next generation of renters with deep demographic knowledge and the incorporation of digital amenities that modern renters want.”
Constructed in 2015 and 2016 respectively, all three properties in the Blackstone sale offer one-, two- and three-bedroom floorplans with best-in-class interior appointments and community amenities including quartz countertops, in-unit laundry rooms, 9’ ceilings, stainless steel appliances, a resort-style pool and spa with poolside cabanas, dog park with wash area, state-of-the-art clubhouse with fitness center, a movie theater and library. Every unit also offers private ground floor access, a feature that is unique to Nevada West Development apartment homes.
About Westcorp Management Group
Since its inception in 2007, WestCorp Management Group has grown to provide management and related property management services for more than 10,000 units ranging from Class A to Class C properties. WestCorp has developed a flexible, detail-oriented and customer-focused approach to property management. In addition to Nevada, the company provides services to properties in ten states including Texas, Florida and Washington. For information on WestCorp Management Group, visit www.westcorpcommunities.com.
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