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Category – Multifamily

Two Las Vegas Multifamily Assets Sold by Marcus & Millichap for $39.3 Million

lasplamas rubixMarcus & Millichap announced the sale of two multifamily assets in Las Vegas. The properties are Las Palmas, a 394-unit apartment complex and The Rubix, which features 236 fully furnished studios. The assets sold for a total of $39.3 million.

“Consistent job growth is driving strong demand for local apartments,” says Michael Shaffner, first vice president investments in Marcus & Millichap’s Las Vegas office. “Strength in the labor market has reduced unemployment to below 5 percent for the first time in a decade, prompting considerably tight market conditions.”

Shaffner and Michael LaBar, first vice president investments, brokered both transactions.

Built in 1974 on 13 acres, Las Palmas is located at 3550 Paradise Road, across the street from the Wynn Hotel. The buyer plans to infuse the community with significant capital improvements and renovate the property’s interior and exterior.

The Rubix was built in 2009 and was acquired with tax-exempt bond financing. The new ownership strategy will focus on an expanded HUD-Veterans Affairs Supportive Housing program that will assist veterans and their families find and sustain permanent housing. The property is located on 7.75 acres in Las Vegas’s northeast corridor, adjacent to Nellis Air Force Base and near Amazon, Hyperloop, Bed Bath & Beyond, Fanatics, and the Las Vegas Motor Speedway.

Northcap Multifamily Reps Buyer Of 218 E. Merlayne

218 Merlaynenorthcap-logoRobin WillettDevin Lee, CCIMJerad Roberts, and Jason Dittenber, of Northcap Multifamily, are pleased to announce the recent sale of 218 E Merlayne for $420,000. This sale consisted of 8 multifamily units, located at 218 E Merlayne Drive in Las Vegas, NV.

This transaction closed on September 15, 2017. Northcap Multifamily represented the Buyer in this transaction.

Northcap Mutifamily Reps Buyer Of Desert Aire On Sierra Vista

northcap-logoRobin WillettDevin Lee, CCIMJerad Roberts, and Jason Dittenber, of Northcap Multifamily are pleased to announce the recent sale of Desert Aire for $1,750,000.  The sale consisted of 32 multifamily units, located at 1076, 1088, 1100, &1112 Sierra Vista Dr, Las Vegas, Nevada.

The transaction closed on September 5th, 2017.  Northcap Multifamily was pleased to have worked with the Purchaser in this successful transaction.

Marcus & Millichap Represent Sale Of 3878 Palos Verdes

3878 Palos VerdesMarcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 16-unit apartment property located at 3878 Palos Verdes Street in Las Vegas, Nevada. The asset sold for $920,000, according to Todd R. Manning, regional manager of the firm’s Las Vegas office.

Marco A. Walton, Associate in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Walton as well.

Northcap Multifamily Reps Seller In Casa Vista Transaction

CASA VistaDevin Lee, CCIM, Robin Willett  Jerad Roberts, and Jason Dittenber, of Northcap Multifamily, are pleased to announce the recent sale of the Casa Vista Apartments for $1,200,000.  The sale consisted of 23 multifamily units, located at 1011 N 4th Street, Las Vegas, NV.

The transaction closed on June 29th, 2017.  Northcap Multifamily was pleased to have worked with the Seller, Casa Vista, LLC, in this successful transaction.

Sun Commercial Handles Sales, Leasing For MUH, Retail & Office/Warehouse

Pine Tree 1The Sale of Pine Tree Apartments, a 56 unit multi-family development, was completed on June 21, 2017. Three (3) buildings totaling ±12,600 square-foot is located at 150 Hoover Avenue, Las Vegas, NV 89101. The total value of the transaction was $2,165,000.00. Paul Chaffee, Wil Chaffee and Josh Smith of Sun Commercial Real Estate, Inc. represented the Seller, Pine Tree, LLC and Northcap Commercial, LLC represented the Buyer, The Hoover, LLC.

 

 

 

2722 & 2806 Perimeter RoadThe Sale of two (2) North Las Vegas Airport Hangar/Office buildings totaling 49,362 square-feet was completed on June 30, 2017. The property is located at 2722 & 2806 Perimeter Road, North Las Vegas, NV 89032. The total value of the transaction was $1,025,000.00. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske and Jennifer Lehr of Sun Commercial Real Estate, Inc. represented the Seller, Western Alliance Bank and the Buyer, Gerald Haan was unrepresented.

 

 

 

Sun LogoThe Lease with Campus Village, LLC was completed on June 20, 2017. The 2,400 square-foot retail space is located at 1220 E. Harmon Avenue, Suite B, Las Vegas, NV 89119. The total value of the transaction was $946,055.89. Jon Willis, Rob Moore and Matt Patros of Sun Commercial Real Estate, Inc. represented the Tenant, Lacey’s Place Nevada 1220 Harmon, LLC and MDL Group represented the Landlord, Campus Village, LLC.

Northcap Multifamily Reps Buyer Of Pine Tree Apartments

PIne TreeDevin Lee, CCIM, Robin Willett  Jerad Roberts, and Jason Dittenber, of Northcap Multifamily, are pleased to announce the recent sale of the Pine Tree Apartments for $2,165,000.  The sale consisted of 56 multifamily units, located at 150 Hoover Avenue, Las Vegas, NV.

The transaction closed on June 21st, 2017.  Northcap Multifamily was pleased to have worked with the Buyer, The Hoover, LLC, in this successful transaction.


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