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Faring on Monday announced the acquisition of The Well, a 396-unit residential complex within the world’s “first” health-integrated master plan community, in Henderson. Purchased for $83,500,000 and situated on 20 acres, Favring CEO Jason Illoulian described the move as “a compelling opportunity to capitalize on Clark County’s strong economic growth.”
“With the acquisition of ‘The Well,’ Faring joins one of Las Vegas’ most desirable submarkets, with a very well-located multifamily community,” Illoulian said in a prepared statement. “We still have a large amount of capital earmarked to purchase recently built, stabilized multi-family buildings in Nevada and California.”
Completed in 2019, the 356,000 square-foot complex features amenities like full-size, in-unit washers and dryers, walk-in closets, and private patios/balconies. Residents at The Well are provided access to swimming pools and spas, ramadas with gas BBQ grills, a sand volleyball court, a clubhouse with a media lounge and game room plus a 24-hour fitness center.
Faring is based in West Hollywood, California. The firm manages development projects spanning creative office, retail, hotel, self-storage, medical office, multifamily, and industrial properties.