Argosy Real Estate Partners Exits Moderne at Centennial Single-Family Build-for-Rent Project in Las Vegas, NV
On February 25, 2022, a partnership controlled by Argosy Real Estate Partners exited its investment in Moderne at Centennial, a 185-unit single-family build-for-rent community located in Las Vegas, Nevada. Moderne at Centennial was sold to a private real estate investment firm.
In November 2019, Argosy partnered with Moderne Communities to acquire a 14-acre site to develop the project. The project was completed in November 2021 and was 92.0% leased (86.0% occupied) at the time of sale.
Moderne Communities is a real estate development firm focused on land acquisition, development and homebuilding. Moderne at Centennial represents Argosy’s first investment alongside Moderne Communities.
The project is located approximately eight miles north of downtown Las Vegas and 13 miles north of the Las Vegas Strip, within immediate proximity to the region’s major employment centers, public schools and entertainment drivers. The project consists of 185 one-, two-, and three-bedroom single-story “cottage style” residential homes with 9-foot ceilings and features high-end amenities including a 14,000-sf recreation area comprised of a community clubhouse, pool, spa, cabanas, and barbecue stations.