On November 7, 2018, Argosy Real Estate Partners III, L.P. and its parallel funds (“AREP III” or the “Fund”) exited their investment in Lotus, a 295-unit Class-A multifamily development project with 9,000 square feet of ground-floor retail, located in Las Vegas, Nevada. Lotus was sold to a regional multifamily operator.

In December 2015, AREP III partnered with Fore Property Company to acquire the land for the project. Las Vegas-based Fore is a leading developer, builder and manager of multifamily properties. The project was completed in October 2018 and was approximately 80% leased at the time of the sale.