Melvin Morris purchased Las Haciendas Apartments, a 25-unit apartment building built in 1954. Las Haciendas is a single-story, garden-style apartment community located at 2504 N Las Vegas Blvd., in North Las Vegas, Nevada. The community consists of twenty-one studios and four, one-bedroom units. The property sold for $925,000. Michael LaBar, Michael Shaffner with Marcus & Millichap represented the buyer and Michael LaBar, Michael Shaffner, Marco Walton with Marcus & Millichap represented the seller, Las Haciendas Vegas LLC.
Category – Multifamily – North Las Vegas
Las Vegas Residential Properties, LLC purchased the 160-Unit Parkwood Apartments, located at 3417 East Cheyenne Ave, in North Las Vegas for $7,760,000 ($48,500 per unit). The Seller was Parkwood Apartments, LLC. Art Carll, Patrick Sauter and Devin Lee with NAI Vegas represented both sides of the transaction.
A report distributed by Avison Young regarding the Las Vegas multi-family market indicates “Activity in the Las Vegas multi-family market was very positive in the fourth quarter of 2014. Vacancy went down almost 90 basis points from the previous quarter. This is good news for the local market considering there were no new projects delivered. With average asking rents remaining roughly the same as last quarter, vacancy is expected to continue to drop going into 2015.”
Marcus & Millichap’s Institutional Property Advisors (IPA), a division serving institutional and major private real estate investors, is being launched in Las Vegas. David Baird will head-up the local division. He previously served as senior vice president and national director of Sperry Van Ness’s multifamily division. In 2013, IPA closed over $3.3 billion in multifamily sales valued at $25 million and above.
Southern Nevada’s apartment vacancy rate fell from 9.7% in the first quarter to 8.9% in the second quarter, reports UNLV’s Center of Business and Economic Research (CBER). The decrease in this vacancy rate was driven by occupancies in the downtown and northern areas. The average rental rate increased by $10 dollars since last quarter and is now at $775 per month. For the full report, CLICK HERE.
Desert Palms LP bought the 21-year-old 248-unit Desert Palms North Apartments, on 10.46 acres, at 1001 E. Carey Avenue in North Las Vegas for $7.8 million, or $31,452 per unit, from Desert Palms North LLC. NAI Vegas’ Patrick Sauter, Art Carll, and Devin Lee represented both the buyer and seller. 197,568-square-foot complex