May 28, 2025 – In December 2021, CenterSquare made a preferred equity investment in the development of Seneca at Southern Highlands, a 50-unit luxury build-to-rent community located in Las Vegas, NV. The Property was attractive due to its location situated on 10 acres in the Southern Highlands master planned community and positioned on a hillside with views of the Las Vegas Strip. The community includes a mix of 3- and 4-bedroom floor plans, each home featuring a 2-car garage, a private turfed backyard and an outdoor patio or rooftop deck with expansive views. The Property offers a unique set of amenities, including secured gated access, pool, sauna, community garden and walking trails.
The Property was developed by Seneca Living and Christopher Homes. Construction commenced in Q1 2022, first homes were delivered in Q1 2024 with final homes delivered in Q4 2024. The one-of-a-kind asset experienced a quick and successful lease-up while achieving the highest rents in the submarket.
In April 2025, the developer refinanced the Property and fully redeemed CenterSquare’s preferred equity position.
“This investment demonstrates our conviction in the rental housing sector, as well as our ability to provide creative capital solutions for unique assets and situations,” said Chris Picyk, Senior Vice President of Private Equity Real Estate.
