LAS VEGAS — Ready Capital has closed $34.4 million in financing for the acquisition, renovation and stabilization of a 152-unit apartment community in central Las Vegas. Upon acquisition, the undisclosed borrower will implement a capital improvement plan consisting of interior and exterior renovations, along with deferred maintenance.Ready Capital closed the nonrecourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a …
LAS VEGAS — UnCommons Matter Real Estate Group has broken ground on Phase II of its $400 million, 40-acre mixed-use community in southwest Las Vegas. The second phase will feature a conference center, two office buildings and an additional parking garage with nearly 750 stalls. Construction is slated for completion by summer 2023.Components of Phase II include The Assembly, a 5,000-square-foot conference center offering indoor and outdoor space accommodating meetings for 10 to 250 people; …
LAS VEGAS — RealComm Advisors has brokered the sale of a 34,982-square-foot industrial building located at 7090 W. Arby Ave. in Las Vegas. 7090 Arby LLC purchased the asset for $7.3 million.Greg Pancirov and Paul Hoyt of RealComm Advisors represented the seller, Palo Alto Properties, in the
LAS VEGAS — RealComm Advisors has arranged the sale of an industrial property located at 4750 W. Sunset Road in Las Vegas. Oulette DS acquired the 42,000-square-foot building for $10.7 million.Greg Pancirov and Paul Hoyt of RealComm handled the
By Bret Nicholson, Retail Specialist, Marcus & MillichapReno’s retail sector is setting records as of February 2022. Vacancies are hovering near an all-time low of 4.9 percent, and asking rents have risen to new heights, averaging $1.72 per square foot on a monthly basis. Sellers are achieving cap rates comparable to those seen in core markets, resulting in sale prices that many would not have thought possible only a few years ago. A number of factors have contributed to the …
HENDERSON, NEV. — Dreamwork Management has acquired Crossroads at Sunset, a 13.9-acre multi-tenant retail center at the corner of Sunset Road and Stephanie Street in Henderson. SS Capital sold the asset for $28.7 million.Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the
RENO, NEV. — Inspired Healthcare Capital (IHC) has acquired Summit Estates Senior Living, a 124-unit assisted living and memory care community in Reno.The price and seller were not disclosed.IHC is a Scottsdale, Arizona-based private real estate investment firm that focuses on the seniors housing sector. This was IHC’s first acquisition in 2022, after closing on nine senior housing transactions in
LAS VEGAS — Avison Young’s Sauter Multifamily Group has brokered the sale of two apartment communities in Las Vegas. The assets traded for $129.7 million, or $183,192 per unit.The sale includes Viridian Apartments, which was built in 1981 and features 456 apartments at 4255 W. Viking Road, and Topaz Apartments, which was built in 1985 and offers 252 units at 4020 Arville St.Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young handled the
By Shawn Jaenson, Senior Vice President, Industrial Specialist, Kidder MathewsThe Northern Nevada industrial market is composed of 98.7 million square feet of industrial real estate spread across six submarkets. Northern Nevada’s centralized location allows for a one-day truck service to more than 60 million customers. Couple that with the fact that Nevada has no corporate tax, personal tax, inventory tax, franchise tax, or special intangible tax and the city is one of the most …
RENO, NEV. — Marcus & Millichap has arranged the sale of The ERGS Portfolio, an eight-property apartment portfolio in Reno. The 1,077 units traded for $302.5 million, or $280,872 per unit.Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap’s Reno office represented the undisclosed seller and procured the undisclosed buyer in the deal.Built between 1958 and 2021, the portfolio includes:North Peak Apartments, 352 units Silver Lake Apartments, 352 …
