Argosy Real Estate Partners Exits Lotus Apartments
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.