Las Vegas senior housing complex sells for more than $80M

A New York investment giant that bought a stake in The Cosmopolitan’s real estate has ventured into the Las Vegas suburbs for a new purchase.

Stonepeak Partners acquired a 168-unit senior housing complex on Hualapai Way just north of Alta Drive for about $83.1 million, property records show.

The sale closed in early September.

Stonepeak, led by billionaire Michael Dorrell, acquired MorningStar at The Canyons, which offers independent and assisted living as well as memory-care units for people with Alzheimer’s disease or other forms of dementia.

Brokerage group JLL Capital Markets announced last week that it represented the sellers in the deal, Confluent Development and Ovation Group.

The two Denver-based firms teamed up to develop the Summerlin-adjacent complex, which opened in 2024. The developers announced plans for the project in 2022.

According to JLL, the luxury four-story building at 490 S. Hualapai Way has dining venues, a beauty salon and spa, a private cinema, a fitness center, and a resort-style pool, as well as walking paths and a central courtyard with outdoor dining areas.

It described the occupancy as “stabilized” but did not disclose the occupancy rate at the time of sale, nor did it disclose the buyer’s name or the purchase price.

JLL declined to confirm those details for this story.

Stonepeak declined to comment.

The firm, which boasts around $93 billion in assets under management, says it invests on behalf of pension funds, endowments and other large investor groups. Its portfolio includes data centers, residential broadband, cold storage, aviation, and real estate.

Stonepeak was no stranger to Southern Nevada, as it took part in the $5.65 billion acquisition of The Cosmopolitan.

As part of that deal, which closed in 2022, Stonepeak teamed up with other investors to acquire the hotel-casino’s real estate.

Its partners on the deal included Andrew and Peggy Cherng, founders of fast-food chain Panda Express.