Residence at Hargrove, formerly named Yardz at Mirabelli, is a 168-unit property situated in the West Valley submarket, just off of Freeway 95. This property consists of 6.8 acres of land and, as a sister company, Nitya Capital‘s third acquisition in the area, is a crucial signifier of our overall growth, both in reach and within the Las Vegas market.
We previously acquired two other properties, now under the KPM label; Carmel Apartments in Laredo, Texas, and The Muse Apartments in Dallas. Carmel apartments act as a gateway into the Laredo area, in close proximity to some of the best hotspots in the area near 1-35 and Mines Road. The location is especially convenient for residents as it provides quick access to local parks and community centers in the area.
The equally newly-acquired Muse Apartments is a newly renovated residential community located in Dallas, Texas. With Dallas continuing to grow in its overall population, along with the recent boom in its major technology sectors, The Muse provides a key means of obtaining new apartment residents thanks to its quick reach to fundamental locations nearby. As a crucial apartment community in the Southwest Dallas area between Oak Cliff and Westwood Park neighborhoods, The Muse is easily accessible from South Westmoreland Road and West Pentagon Parkway.
As for the newest property, Residence at Hargrove is in one of the largest submarkets in Las Vegas, with an average submarket occupancy of 94%. This area of town, just thirteen minutes away from Downtown Las Vegas, has quick access to many notable locations and amenities including grocery stores, restaurants, schools, and parks. Now, newly-named and renovated, it acts as a prime location for residents for its affordability, amenities, and services. Before Covid-19, the area experienced significant job growth, giving way to greater demand for multifamily housing in the West Valley submarket with a 40% increase in average rent growth since 2016. Following the emergence and spread of Covid-19, short-term job losses in the area were reported but subsequent reports have indicated a sense of stability in employment in recent months with further gains likely in the second half of this year.
KPM will continue boosting its reach across the country!