Park Highlands

Las Vegas 2011-2016 – Acquired Park Highlands master planned community in Northern Las Vegas thru a bankruptcy auction in December 2011.  Park Highlands is a master planned community that is 1350 acres originally sold thru a BLM land auction for $365 MM.  The project entails 7,000 residential homes, 110 acres of commercial/industrial usage including a gaming site.  Asset was purchased in partnership with KBS Special Opportunities REIT fund for $21 MM.   The revised Development Agreement with the City of North Las Vegas was approved in June 2015 , to reduce the infra-structure costs by $70MM. The Ownership pursued discussions with two major national home builder groups for purchase of substantial portion of the property. Our Membership interest in the investment was sold to our partner at an attractive multiple X return on equity. Emil Khalili had a sponsorship role in an investment group with major stake in this project.