Wolff Picks Up $200M M-F Portfolio in Las Vegas
- May 30, 2013
The Wolff Co., of Scottsdale, Ariz., has acquired the 3,098-unit “Oasis Portfolio” of 14 apartment communities in metro Las Vegas, the company announced Tuesday. The purchase price was $200 million and the transaction closed on May 23, a Wolff spokesperson told Commercial Property Executive.
The seller was Sierra Nevada Multifamily Investments, L.L.C., a joint venture between DRA Advisors, New York, on behalf of an institutional client, and a subsidiary of Camden Property Trust, Houston.
“This portfolio represents an excellent mix of assets with strong in-place operations and a potential value-add opportunity as the market continues its recovery,” Fritz Wolff, CEO of The Wolff Co., said in a release. “We are continuously seeking similar opportunities nationally.”
The 14 properties are: Oasis Bay (128 units), Oasis Crossing (72), Oasis Emerald (132), Oasis Gateway (360), Oasis Island (118), Oasis Landing (144), Oasis Meadows (383), Oasis Palms (208), Oasis Pearl (90), Oasis Place (240), Oasis Ridge (477), Oasis Sierra (208), Oasis Springs (304) and Oasis Vinings (234).
In September 1998, Plan Sponsor magazine praised Camden Property Trust’s acquisition of Oasis Residential Inc. and the subsequent spinoff of $248 million in assets.
Camden reportedly liked the idea of acquiring Oasis, as a way of diversifying its holding geographically, but recognized that the transaction would, paradoxically, give it too much concentration in Las Vegas, about 26 percent of Camden’s total units.
The solution lay in forming Sierra Nevada Multifamily Holdings (with an unnamed U.S. pension fund) and putting about 5,100 units into the new entity, with Camden retaining a 20 percent stake.
As of March 1, 2013, Camden owned interests in and operated 192 properties totaling 65,005 apartment units across the United States.