Nevada

Bascom Group Sells Fifty101 Apartments in Las Vegas to Apartment Ventures for $21.6M

by Amy Works September 13, 2021

LAS VEGAS — The Bascom Group has completed the disposition of Fifty101, a multifamily community located at 5101 O’Bannon Drive in Las Vegas. Apartment Ventures acquired the asset for $21.6 million. The 90-unit community consists of 16 one-bedroom apartments, 50 two-bedroom units and 24 three-bedroom/two-bath layouts in a variety of floor plans. The Bascom Group had completed property-wide renovations, including capital improvements in dual-pane windows and public update upgrades and select unit renovations. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction.

September 13, 2021

Development Industrial Nevada Self-Storage Western

DXD Capital Breaks Ground on 1,100-Unit Self-Storage Facility in Las Vegas

by Amy Works September 13, 2021

LAS VEGAS — DXD Capital has broken ground on a self-storage facility located on a 1.7-acre parcel at the corner of West Sahara Avenue and South Monte Cristo Way in Las Vegas. Designed by Studio Level I with Arco Murray serving as general contractor, the new property will feature 1,100 units, plus two interior loading bays with room for three trucks in a fully climate-controlled building with two freight elevators and a storefront with moving supplies. Public Storage will operate the facility, which is slated to open in third-quarter 2022. DXD acquired the property in January 2021 through its DXD Self Storage Fund I, which was launched in November 2020. The fund is raising $50 million to invest in ground-up development of Class A, multi-story, climate-controlled self-storage facilities.

September 13, 2021

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $8.3M Sale of St. Louis Suites in Las Vegas

by Amy Works September 8, 2021

LAS VEGAS — Northcap Commercial has brokered the sale of St. Louis Suites, an apartment community in Las Vegas. Balubhai Patel Revocable Trust sold the multifamily property for $8.3 million, or $90,217 per unit. Located at 525 E. St. Louis Ave., St. Louis Suites features 92 apartments. The property was built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial handled the all-cash transaction.

September 8, 2021

Development Loans Nevada Western

ACRES, George Smith Partners Provide $37.5M Construction Loan for Mixed-Use Project Near Las Vegas

by Amy Works September 7, 2021

HENDERSON, NEV. — ACRES Capital Corp. and George Smith Partners have provided a $37.5 million loan to fund the construction of The Watermark, a mixed-use multifamily property in Henderson. The borrower is Nevada-based Strada Development Group. Located at 215 S. Water St., The Watermark will feature 151 residential units and accompanying parking spaces, 9,928 square feet of retail space, 14,725 square feet of restaurant space and 11,923 square feet of office space. The property is situated in downtown Henderson’s Water Street District that features a mix of boutique shops, restaurants and nightlife venues. Chris Hetzel of ACRES’ Los Angeles office originated the loan, which features an initial term of 24 months.

September 7, 2021

Acquisitions Multifamily Nevada Western

Avison Young Brokers $21.7M Sale of Mark I Apartments in Las Vegas

by Amy Works September 7, 2021

LAS VEGAS — Avison Young has arranged the sale of Mark I Apartments, a multifamily community located at 1020 E. Desert Inn Road in Las Vegas. A Calabasas, Calif.-based limited liability corporation sold the asset to a Seattle-based limited liability corporation for $21.7 million, or $192,477 per unit. Built in 1975 and partially renovated in 2017, 2020 and 2021, Mark I features 113 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include a fitness center, pool, spa, laundry facility and clubhouse. The renovated residential units feature granite countertops and stainless steel appliances. Pat Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily team represented the seller in the transaction.

September 7, 2021

Acquisitions Industrial Nevada Western

Nicola Wealth Acquires 175,818 SF Ampac Industrial Park in Henderson, Nevada

by Amy Works September 3, 2021

HENDERSON, NEV. — Nicola Wealth Real Estate has purchased Ampac Industrial Park I and II in Henderson. Terms of the transaction were not released. The asset comprises seven small- to medium-bay modern industrial buildings totaling 175,818 square feet on 17 acres, inclusive of four acres of surplus land currently utilized as yard storage. The portfolio is located 12 miles southeast of Las Vegas, featuring close proximity to interstates 215 and 515. Rebecca Perlmutter Finkel of CBRE led the team that handled the deal.

September 3, 2021

Affordable Housing Development Multifamily Nevada Seniors Housing Western

Volunteers of America Breaks Ground on Desert Oasis Affordable Seniors Housing Expansion In Las Vegas

by Amy Works August 30, 2021

LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas. Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden. Desert Oasis will be built with energy-efficient systems using green building techniques and including solar panels and photovoltaics. The entire development will be Energy Star rated. Funding partners include Nevada Housing Division’s Low Income Tax Credit program, City of Las Vegas- and Clark County-provided HOME funds and United Health Care. The building is scheduled for completion in fall 2022. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.

August 30, 2021

Acquisitions Multifamily Nevada Western

Waterton Acquires 624-Unit Multifamily Portfolio in Las Vegas

by Amy Works August 19, 2021

LAS VEGAS — Waterton has purchased a two-community apartment portfolio in the Centennial Hills master-planned community in Las Vegas. Situated 15 minutes northwest of downtown Las Vegas, the portfolio offers a total of 624 apartments in a mix of one-, two and three-bedrooms layouts. The acquisition includes Ely at Centennial Hills, a 312-unit property at 5900 Sky Pointe Drive, and Pointe at Centennial Hills, a 312-unit property at 5850 Sky Pointe Drive. Waterton plans to rebrand the assets as one community: The Paisley & Pointe at Centennial Hills. A portion of the residences and amenity spaces at both properties have undergone cosmetic upgrades. However, Waterton still plans to implement a value-add strategy across the assets. Amenities at the properties include clubhouses, picnic and barbecue areas, playgrounds, fitness centers, resort-style pools and in-unit washers/dryers. Ely at Centennial Hills also includes a dog park, shuffleboard and billiards, while Pointe at Centennial Hills features basketball and tennis courts. Terms of the acquisition were not released.

August 19, 2021

CapRock-Tropical-Logistics-Phase-II-North-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Partners Acquires 20.7 Acres in North Las Vegas for Three-Building Industrial Development

by Amy Works August 5, 2021

NORTH LAS VEGAS, NEV. — CapRock Partners has purchased a 10-parcel land assemblage totaling 20.7 acres in North Las Vegas for the development of CapRock Tropical Logistics Phase II, an industrial complex adjacent to CapRock Tropical Logistics. The land parcels were acquired from nine individual sellers. The total acquisition price was not released. Totaling 441,554 square feet, CapRock Tropical Logistics Phase II will feature three industrial buildings with 32-foot clear heights, large truck courts and approximately 362 parking stalls. Building 1 will offer 248,391 square feet and more than 300 linear feet of Interstate 15 frontage, 32 dock-high doors, a 185-foot truck court and 57 trailer stalls. The 101,825-square-foot Building 2 will feature 15 dock-high doors and 180 feet of shared truck courts, and the 91,338-square-foot Building 3 will offer 15 dock-high doors and 180 feet of shared truck courts. Development is underway and groundbreaking is planned for first-quarter 2022. Completion is slated for the fourth quarter of 2022. The adjacent CapRock Tropical Logistics park is a two-building, 1.1 million-square-foot industrial complex currently nearing completion. The first phase is 100 percent pre-leased and scheduled for completion in third-quarter 2021.

August 5, 2021

Acquisitions Hospitality Nevada New York Northeast Top Stories Western

VICI Properties to Acquire MGM Growth Properties for $17.2B

by Kristin Harlow August 4, 2021

NEW YORK CITY AND LAS VEGAS — VICI Properties Inc. (NYSE: VICI), MGM Growth Properties LLC (NYSE: MGP) and MGM Resorts International (NYSE: MGM) have entered into a definitive agreement under which VICI will acquire MGP for a total consideration of $17.2 billion, including the assumption of approximately $5.7 billion of debt. MGM Resorts is the controlling shareholder of MGP. Upon completion of the merger, VICI will have an estimated enterprise value of $45 billion representing 43 properties in 15 states. The deal will add 15 Class A entertainment resort properties across the country to VICI’s portfolio, comprising 33,000 hotel rooms; 3.6 million square feet of meeting and convention space; and hundreds of food, beverage and entertainment venues. The deal represents an estimated 30 to 40 percent discount to replacement cost. The move will solidify VICI as the largest experiential net-lease REIT, while also advancing its goals of portfolio enhancement and diversification, according to the company. Following the transaction, approximately 55 percent of VICI’s rent base will be generated by market-leading regional properties, while the remaining 45 percent will come from properties on the Las Vegas Strip. Simultaneous with the closing of the transaction, VICI will enter into an amended …

August 4, 2021

Newer Posts

Older Posts