Devin Lee, CCIM, Jerad Roberts, Robin Willett, and Jason Dittenber of Northcap Multifamily, announced the sale of Shields Apartments for $930,000, and Sunset Circle Apartments for $1,185,000. These sales consisted of 16 multifamily units, located at 609 & 611 S. 11th St. in Las Vegas, NV and 20 multifamily units, located at 1937 Sunset Circle in Henderson, NV. Northcap Multifamily represented the Seller, Theobald Investments, LLC in these transactions. The buyer was Santiago & Kevin Espinosa.
Category – Multifamily – Las Vegas
Cushman & Wakefield Commerce announced it has negotiated the sale of Portofino Villas, a 280 unit apartment community at 6300 West Lake Mead Boulevard, Las Vegas. Per Clark County Assessor, Millburn & Company purchased the property from the AXS Opportunity Fund for $26,000,000.
Built in 1997, the Tuscan style villa has an abundance of modern amenities including a resort-like pool and spa, sand volleyball court, fitness center. Each of the 1, 2, and 3 bedroom options include a large private patio or balcony, and renovations are planned to add improvements.
“Portofino Villas has excellent potential for Millburn & Company,” said Carl Sims, Cushman & Wakefield Commerce Executive Director, and lead broker for the buyer. “Nevada boasted one of the fastest growing economies in the nation in 2016, and the multifamily housing market was no exception. Millburn & Company has renovations in mind for the Villas that will be on par with the improving market.”
Devin Lee, CCIM, Robin Willett, Jerad Roberts and Antone Brazill, CCIM, of Northcap Multifamily, are pleased to announce the recent sale of Hazelwood Villas Apartment Homes for $4,250,000. This sale consisted of 76 multifamily units, located at 3851 Hazelwood St. in Las Vegas, NV.
This transaction closed on January 30, 2017. Northcap Multifamily represented the Seller (Hazelwood Investments, LLC) in this transaction.
The Bascom Group purchased the 90 unit Pebble Cove Apartments, located at 5101 O’Bannon Drive in Las Vegas. The 100% occupied property sold for $9,100,000 ($101,111 per unit) and at a 6% CAP. Patrick Sauter and Art Carll with NAI Vegas’ Sauter Multifamily Group represented the seller, Pebble Cove LLC.
The Bascom Group purchased the 252 Unit Spectrum Apartments located at 9242 W. Russell Road in Las Vegas. Built in 2010, the property sold for $38,350,000 ($152,183/unit) and sold at a 5.2% CAP. Patrick Sauter and Art Carll of NAI Vegas’ Sauter Multifamily Group represented the seller, Tilden-Spetrum LLC.
Ambleside, LLP purchased Clark Studios, a 44-unit apartment property located at 501 S 10th St in Las Vegas, NV. The asset sold for $1,440,000. Michael R. LaBar and Michael L. Shaffner, Vice President Investment Specialists in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, T.H. Steele, a private investor.
Marcus & Millichap announced the sale of Villa Paradisa, a 32-unit apartment property located at 4757 Harrison Drive in Las Vegas, Nevada. The asset sold for $1,720,000, according to Todd Manning, regional manager of the firm’s Las Vegas office.
Michael L. Shaffner and Michael R. LaBar, both Vice President Investments in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, Mimosa Management, LLC, a limited liability company. The buyer, Cyrus Investment Group, LLC, a limited liability company, was secured and represented by Shaffner and LaBar as well.
NAI Vegas’ Sauter Multifamily Group announced the sale of Sonoma Shadows (376 units) and Pine Hills Lodge (376 units) apartment portfolio located at 1750 & 1500 Karen Avenue in Las Vegas for $45,496,000 ($60,500 per unit).
Meiji Sangyo Co Ltd purchased Waikiki Palms Apartments, a 26-unit apartment property located at 2565 Lynnwood Street in Las Vegas, NV. The asset sold for $1,300,000, according to Todd Manning, regional manager of Marcus & Millichap.
Michael R. LaBar and Michael L. Shaffner, both Vice Presidents of Investments in Marcus & Millichap’s Las Vegas office, had the exclusive listing and represented the seller, a private investor, in the transaction.