WGH Partners and the Krausz Companies have completed the sale of The Gramercy Residences — two four-story Class-A apartment buildings totaling 160 units along with 12.6 acres of adjacent vacant land and parking lots — to Lyon Living, a Newport Beach-based developer, for $45.75 million. The transaction closed May 31, 2018 and was reported by the Las Vegas Review-Journal. The per-unit pricing of approximately $231,250 represented more than double the Las Vegas market average at the time, a premium that reflected both the asset's institutional quality and the scarcity of new Class-A residential in the southwest submarket.
The Gramercy Residences were developed as part of the larger Gramercy mixed-use project, which WGH Partners and Krausz had assembled by acquiring the partially completed and financially distressed ManhattanWest project in 2013 for $20 million. WGH co-founders Benjy Garfinkle and Ofir Hagay oversaw the buildout and stabilization of the residential component, which Garfinkle described to the Las Vegas Review-Journal as "give or take" 90 percent occupied at the time of sale.
Lyon Living indicated plans to break ground in early 2019 on approximately 300 additional apartment units and a 175-room hotel on the 12.6 acres included in the transaction, a development program that would extend The Gramercy campus's residential and hospitality footprint into a new phase. The residential sale followed the April 2017 disposition of The Gramercy's office and retail component for $61.75 million to The Koll Co. and Estein USA, completing WGH and Krausz's monetization of the full Gramercy investment.