Faring Acquires Las Vegas-Area Property for $84M

The fountain. Image courtesy Faring

Faring, a West Hollywood, Calif. Real estate company focused on lifestyle and wellness, has sold The Well, an apartment building community of 396 units within the world’s first health-integrated master plan community in Henderson, Nevada, for $ 83.5 million acquired.

The seller was not identified, but Yardi Matrix reported that the owner of the 20 acre property at 1050 Wellness Place was The Wolff Co. The Well, which was 97.7 percent occupied at the time of sale, was completed in 2019. It is located in Union Village, a $ 1.2 billion, 170 acre mixed-use community that includes health care, housing, retail and entertainment. Henderson Hospital is on the parish.

Jason Illoulian, CEO of Faring, said in prepared comments The Well is located in one of the most desirable submarkets of Las Vegas and offers a compelling opportunity to capitalize on Clark County’s strong economic growth. He added that Faring has plenty of capital earmarked for the purchase of additional recently built stabilized apartment buildings in Nevada and California.

In late December, Faring was part of a public-private partnership led by Standard Communities as project administrator to create 150 units of affordable middle-class housing in Carson, California in a $ 78 million transaction. Faring was part of the partnership that acquired Renaissance at City Center, a property built in 2013 at market prices, and converted it into workers’ housing. Also last year, Faring and Wolff completed a 357-unit mixed-use property in Carson that includes 32,000 square feet of retail and dining and a public space.

Details of the property

The Well was the largest apartment building to be completed in Las Vegas in 2019, according to the Yardi Matrix. The Class A facility includes 17 buildings with floor plans ranging from 465-square-foot studios to 1,201-square-foot three-bedroom apartments. Rents range from $ 1,199 to $ 1,563 with an average of $ 1,453, Yardi Matrix reported.

The 356,000 square foot complex is located approximately 1 mile off Interstate 515 and approximately 20 miles south of downtown Las Vegas. Units have full size washers and dryers, spacious walk-in closets, and private patios / balconies. Communal facilities include a clubhouse with media lounge, game room, and fitness center; Swimming pools and spas; shady barbecue areas; Sand volleyball court; Playground and almost 750 parking spaces. Covered parking is available for an additional monthly fee.