A joint venture between two Fundrise-sponsored funds has acquired a community of 185 rental homes in North Las Vegas at a purchase price of approximately $80 million.
The rental community, formerly known as Moderne at Centennial, was renamed The Alowyn Homes at Centennial after being purchased from the developer, Moderne Communities founded by Randy Bury. The community of homes was purchased by a joint venture between the Fundrise Interval Fund and the Balanced eREIT II with an equity investment of $39.6 million and a short-term loan for roughly $42 million.
