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Cottonwood Group Expands Multifamily Portfolio With Two Acquisitions In Las Vegas

Cottonwood Group (“Cottonwood”), a private equity real estate investment firm, is pleased to announce that it has acquired two multifamily properties in Las Vegas, including The Boulevard, which has subsequently been rebranded Summit on Nellis, located at 3050 S Nellis Blvd., and The Quinn, located at 5500 S Mountain Vista Street. Cottonwood acquired Summit on Nellis and The Quinn for $64.0 million and $58.5 million, respectively.

Summit on Nellis features 296 units and The Quinn features 237 units. For both transactions, Cottonwood partnered with experienced operators and contributed the majority of the equity. The two acquisitions establish Cottonwood’s presence in the Las Vegas multifamily market.

“We continue to focus on investing in value-add multifamily properties and creating investment portfolios that seek to generate a combination of current cash flow, downside protection, and upside for our investors,” said Mark Green, Chief Investment Officer at Cottonwood. “Both acquisitions present a significant opportunity to optimize property operations through institutional property management and targeted renovations. Several macro factors, including population growth, employment growth, and a continuing housing supply/demand imbalance, are expected to contribute to a highly favorable rental market.” 

“Over the past six months, we have identified and executed on a number of attractive multifamily opportunities. Having the ability to move quickly on new investments allows us to capitalize on our selected markets,” said Green. 

This year, Cottonwood has invested in six multifamily properties, including Summit on Nellis and The Quinn. The firm also closed on four multifamily properties in Texas, two in San Antonio and two in Fort Worth.

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