Clarion Partners Real Estate Income Fund (CPREX) has acquired the Martinique Bay apartment community, a strategic move that enhances its residential real estate portfolio in the Las Vegas metropolitan area. The 256-unit garden-style property, located in the Green Valley submarket, represents a significant expansion of the fund's multifamily investments.
The acquisition brings CPREX's residential space ownership to over 41% of the fund's total portfolio. With nearly $2 billion already invested in the Las Vegas metro area, this purchase underscores Clarion Partners' confidence in the region's real estate market.
Martinique Bay's strategic location near Harry Reid International Airport and major employment centers makes it an attractive investment. The property offers above-average unit sizes and is situated in an area with highly regarded public schools, positioning it as an appealing option for families.
This investment is part of Clarion Partners' broader multifamily sector strategy, which currently includes more than $11 billion invested across Class A and garden-style apartments nationwide. The acquisition reflects the firm's ongoing commitment to diversifying and strengthening its real estate investment portfolio.
As a subsidiary of Franklin Templeton's alternatives business, which manages approximately $250 billion in assets, CPREX demonstrates the continued strength and potential of the multifamily real estate sector. The investment highlights the ongoing demand for rental housing and the potential for stable returns in key metropolitan markets.
