Category – Multifamily – Las Vegas

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.

36 Multifamily Units Sell for $2,115,000

SONY DSCSONY DSCDevin 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.

Cushman & Wakefield Commerce Brokers Sale of Portofino Villas in Northwest Las Vegas

Portofino2-3Cushman & 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.”

Carl Sims and Taylor Sims represented the seller.

Northcap Multifamily Secures Sale Of Hazelwood Villa Apartments

Hazelwoodnorthcap-logoDevin 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.

Clark Studios Sells for $1.44 Million

clarkstudioAmbleside, 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.

32-Unit Villa Paradisa Sells for $53,750/unit

4757harrisonMarcus & 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.

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