Warmington Residential has closed escrow on nearly 10-acres in the southwest submarket in Las Vegas, Nevada. The parcel, located near W. Warm Springs Road and South Buffalo Drive, will be developed into a single-family community known as Westbury. It will include 74 detached homes ranging in size from 2,055 to 2,619 square feet on lots that average 4,000 square feet. Construction on two models is expected to begin in July with sales commencing in the fall.
Mountain Real Estate Capital is Warmington’s joint venture partner on this deal and it represents the third partnership formed between the two companies in recent months.
Westbury will become Warmington Residential’s fourth active single-family neighborhood in southwest Las Vegas. Since 1996, Warmington has built more than 4,000 detached and attached single-family homes throughout the Las Vegas Valley.
“We are very pleased to be expanding our presence in the Las Vegas single-family home market,” said Greg Oberling, President of the Nevada division of Warmington Residential and Vice President of Multifamily Properties for Warmington Properties, Warmington’s acquisitions and asset management company. Warmington Properties Las Vegas’ multifamily portfolio includes approximately 1,300 apartment units and 300 more in the pipeline for 2014.
“The opportunity to again partner with Mountain Real Estate Capital is very welcomed and we look forward to adding to the diversity of product we offer in Las Vegas residential marketplace, which is rebounding nicely and poised for growth in 2014,” said Oberling.
For information, contact Greg Oberling | 702.248.4883.
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