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Walton Street Capital Expands Portfolio with Multifamily Development

Cushman & Wakefield has brokered the sale of the newly developed Elysian at The Palms apartment community in Las Vegas to Walton Street Capital.

Built in 2021, the 286-unit, the Class A multifamily asset is located at 3850 West Nevso Drive on a site adjacent to the world-famous Las Vegas Strip.

The property was originally developed and sold by The Calida Group – a developer and property manager engaged in acquiring more than 16,000 units in Las Vegas since 2007.

Several members of Cushman & Wakefield’s Multifamily Advisory Group were involved in the transaction which was led by senior director, Taylor Sims , with support from Carl Sims and Brady Cleary in Las Vegas, with Marc Renard in Los Angeles representing the seller.

Sims comments: “Elysian at The Palms is a class-leading asset.

“The design is beautiful, and the amenity base provides residents with a superior living experience that is unmatched in this town. The property has resonated very well with renters as evidenced by its strong leasing activity, and investors saw the draw as well.”

Elysian at Palms offers designer interior finishes, spacious floorplans and contemporary amenities. The property features minimum 9-foot ceilings, smart home automation with security and comfort settings, premier fixtures and hardware, stainless steel appliances, tankless water heaters, state-of-the-art LED lighting, wood-inspired flooring, custom-designed walk-in-closets, and more.

The four-story apartment community also features many best-in-class on-site amenities such as oversized fitness centers, including yoga, spin rooms, cardio and strength training facilities overlooking the Las Vegas skyline. There are luxurious resident clubhouse and Wi-Fi lounge, and multiple amenity spaces, including game rooms, pool and poker tables, dog park, massage room, tanning salon, and wine tasting room.

The property is surrounded by numerous retail, shopping, dining and entertainment venues in the heart of Las Vegas’ entertainment corridor.

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Staff Reporter covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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