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LAS VEGAS — Bridge Investment Group has purchased Monterra, an apartment community situated on 18 acres in Las Vegas, from an undisclosed seller for $73.2 million, or $212,936 per unit.
Constructed in 1999, Monterra features 344 apartments in a mix of one-, two- and three-bedroom residences with air conditioning, hardwood-style floors, vaulted ceilings and walk-closets. The units range in size from 700 square feet to 1,156 square feet. Community amenities include two swimming pools, a clubhouse, fitness center and gated, electronic entrance.
Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the deal. Justin Forman of Marcus & Millichap served as broker of record in Nevada.