FAIRFIELD ACQUIRES THREE LAS VEGAS APARTMENT COMMUNITIES

Acquisitions Expand Fairfield’s Scale in Strong Market

SAN DIEGO, Calif. – October 22, 2024 – Fairfield today announced the acquisition of St. Lucia Apartment Homes, Kaleidoscope Apartment Homes, and Collage Apartment Homes in Las Vegas, Nevada, adding 882 apartments to its portfolio in the region.

“The acquisition of St. Lucia, Kaleidoscope, and Collage brings immediate scale at an attractive basis to Fairfield’s portfolio in a market that we have strong conviction in,” said Vice President of Acquisitions Jason de Guzman. “The assets are well-maintained and, based on our projections, provide durable cash returns at a significant discount to replacement cost.”

Prior to the sale, each community had been partially renovated by previous ownership. Fairfield has plans to assess the completion of the renovation and review any deferred maintenance. “With strong in-migration, professional sports teams, and potential film studio relocations, we believe that the Las Vegas market has an extremely long runway for growth,” de Guzman added.

St. Lucia Apartment Homes at 2150 North Tenaya Way, Collage Apartment Homes at 6100 Carmen Boulevard, and Kaleidoscope Apartment Homes at 2500 North Rainbow Boulevard are all open and actively leasing under Fairfield management.

About Fairfield

Fairfield is a leading owner, developer, and operator of multifamily communities throughout the U.S. We manage approximately 42,400+ units nationwide across luxury new construction, renovated apartment homes, and tax credit affordable housing in urban and suburban neighborhoods. We offer a fully integrated national multifamily services platform providing development, construction, renovation, asset and property management, and acquisition and disposition services to our investors. Fairfield operates nationwide, with regional offices in Atlanta, Boston, Dallas, Denver, and Washington, D.C. Fairfield Realty Advisors LLC is registered as an investment adviser with the U.S. Securities and Exchange Commission.

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