Nevada

KeyBank Provides $19.5M in Acquisition Financing for Multifamily Property in Nevada

by Amy Works November 11, 2019

LAS VEGAS — KeyBank Real Estate Capital has funded a $19.5 million commercial mortgage to MAXX Properties for the acquisition of Madison at Spring Valley, an apartment community located in Las Vegas. Built in 2000, Madison at Spring Valley offers 168 units in a mix of one-, two- and three-bedroom layouts ranging from 700 square feet to 1,600 square feet. The units feature open-concept, pet-friendly living with nine-floor ceilings, central air and in-unit washer/dryers. Community amenities include a swimming pool with sundeck, playground, clubhouse with coffee bar and 24-hour fitness center. The buyer plans to implement a capital expenditure program that includes unit and common-area renovations. Alan Isenstadt and Cathy Berbieri of KeyBank Real Estate Capital’s Income Property Group structured the financing for the borrower.

November 11, 2019

Acquisitions Multifamily Nevada Western

NAI Vegas Negotiates $18.5M Purchase of Skyline Parc Apartments in Las Vegas

by Amy Works November 11, 2019

LAS VEGAS — NAI Vegas has arranged the sale Skyline Parc Apartments, a multifamily property located in Las Vegas. Pacific Ardent Capital acquired the asset from Cambridge Equity for $18.5 million, or $96,354 per unit. Located at 3675 Cambridge St., the property features 192 apartments. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas represented the buyer in the transaction.

November 11, 2019

Market Reports Multifamily Nevada Western Western Market Reports

Reno’s Multifamily Market Continues to Rise on Employment, Relocation

by Taylor Williams November 8, 2019

If you try to find an apartment in Reno you’ll quickly realize this isn’t necessarily an easy task. Reno has experienced more than 8 percent rent growth year over year for the past four years. Average rents in the third quarter were $1,174 per month with vacancy at 4.5 percent, according to CoStar. These escalating numbers are due to employment. The Reno-Sparks MSA has grown by 59,700 jobs in the past 10 years, according to the Bureau of Labor Statistics. The Tesla Gigafactory was just the beginning. Google, Apple and Switch are among others that have moved in, bringing thousands of jobs with them. Businesses still like the friendly tax environment, clean air and high quality of life. But while we were adding all those jobs, the number of apartment units added during that time was just 3,802, CoStar notes. Look around and you will see apartment construction everywhere in Reno. Most is on the outskirts of town where larger land parcels are still available. This includes Sparks, Lemmon Valley, Spanish Springs and South Reno. A few more central infill sites are making headlines. Park Lane by Reno Land Inc. is in the process of adding 1,700 units in the …

November 8, 2019

Interchange-Industrial-Change-North-Las-Vegas-NV

Development Industrial Nevada Western

CapRock Starts Construction of 683,000 SF Industrial Complex in North Las Vegas

by Amy Works November 6, 2019

NORTH LAS VEGAS — CapRock Partners has broken ground on Interchange Industrial Center, a Class A industrial complex in North Las Vegas. The site, acquired from a private investor in 2019, is a 33-acre parcel located at the intersection of interstates 15 and 215. Interchange Industrial Center will consist of two industrial buildings, including a 509,000-square-foot, cross-dock warehouse designed for a Fortune 1000-caliber tenant and a 173,000-square-foot warehouse that can accommodate a single tenant or up to four tenants. The properties will also feature 32- to 36-foot clear building heights, ESFR sprinklers, 115 trailer parking stalls and 100 percent concrete 185-foot secured truck courts. Construction is slated for completion by late summer 2020. Interchange Industrial Center is CapRock’s first ground-up development outside of California.

November 6, 2019

Development Industrial Nevada Western

Panattoni Development Breaks Ground on Two Buildings at South15 Airport Center in Nevada

by Amy Works November 6, 2019

HENDERSON, NEV. — Panattoni Development has started construction of Building C and D at South15 Airport Center, an office and industrial park located on Bowes Avenue in Henderson. Delivery is slated for early 2020. Building C will be a 183,560-square-foot, cross-dock industrial facility and Building D will be an 83,000-square-foot single-load distribution building. The 153-acre South15 Airport Center also includes a 310,000-square-foot FedEx Ground facility and a 482,300-square-foot distribution building leased to Smith’s Food & Drug. South15 Airport Center is owned by PDCUSIF South 15, a joint venture between Panattoni Development and Hillwood. Alston Construction is serving as general contractor and Tectonics Design Group is serving as architect for the project.

November 6, 2019

Acquisitions Multifamily Nevada Western

ConAm Group Acquires 292-Unit Multifamily Complex in Metro Las Vegas for $54.5M

by Amy Works November 5, 2019

HENDERSON, NEV. — San Diego-based The ConAm Group has purchased South Valley Ranch, a 292-unit apartment community situated on 17.4 acres at 701 Aspen Peak Loop in Henderson. An undisclosed seller sold the asset for $54.5 million. Built in 1997, South Valley Ranch features 37 two-story buildings offering a total of 104 one-bedroom units, 164 two-bedroom units and 24 three-bedroom units, each with its own patio or balcony. Community amenities include a swimming pool, fitness center, business center, playground, barbecue area, carports and garages.

November 5, 2019

Acquisitions Arizona Multifamily Nevada Utah Western

Next Wave Investors Acquires 380 Multifamily Units in Phoenix, Salt Lake City, Las Vegas

by Amy Works October 25, 2019

PHOENIX, SALT LAKE CITY AND LAS VEGAS — Next Wave Investors has expanded its investments in the Western United States with the purchase of 380 multifamily units spanning four apartment communities. Details of the transactions were not released. The properties are the 96-unit La Estrella Vista and 149 units of the 160-unit Westover Parc in Phoenix; the 63-unit Townhomes at Mountain Ridge in Salt Lake City; and the 72-unit Bella Vida in Las Vegas. Next Wave plans to implement capital upgrades at each property, including significant exterior and interior renovations at all properties except Bella Vida, which will undergo only interior unit renovations.

October 25, 2019

Acquisitions Industrial Nevada Western

RealComm Advisors Arranges $14.9M Sale of 106,680 SF Industrial Asset in Henderson, Nevada

by Amy Works October 22, 2019

HENDERSON, NEV. — RealComm Advisors has arranged the sale of an industrial property, located at 1550 Executive Airport Drive in Henderson. Executive Airport Industrial LLC acquired the asset from DEV Investment for $14.9 million. Situated within AirParc South, the property features 106,680 square feet of industrial space. Greg Pancirov of RealComm Advisors represented the buyer, while Mike De Lew, also of RealComm Advisors, represented the seller in the deal.

October 22, 2019

Acquisitions Hospitality Nevada Retail Top Stories Western

MGM Agrees to Sell Las Vegas Resorts Bellagio, Circus Circus for $5B

by Alex Patton October 16, 2019

LAS VEGAS — MGM Resorts International (NYSE: MGM) has agreed to sell its Bellagio and Circus Circus resort assets on the Las Vegas Strip in two different transactions for a combined price of approximately $5 billion. Blackstone Real Estate Income Trust (BREIT) will acquire Bellagio in a $4.25 billion sale-leaseback deal. As part of the transaction, BREIT and MGM will form a joint venture ownership agreement, with BREIT owning 95 percent. MGM will continue to lease, manage and operate the property, with an initial annual rent of $245 million. MGM also agreed to sell its Circus Circus Las Vegas resort to an affiliate of Treasure Island Hotel and Casino owner Phil Ruffin for $825 million. Both sales are expected to close by the end of 2019. “We will use the proceeds from [these transactions] to build a fortress balance sheet and return capital to shareholders,” says Jim Murren, chairman and CEO of MGM Resorts International. “These transactions enhance the company’s strategic and operational flexibility and reinforce its commitment to targeted new growth opportunities, including securing and investing in one of the integrated resort licenses in Japan and becoming an industry leader in sports betting in the U.S.” The sale-leaseback deal …

October 16, 2019

Acquisitions Nevada Retail Western

CIRE Equity Acquires Sparks Galleria Retail Center Near Reno for $40.6M

by Amy Works October 16, 2019

SPARKS, NEV. — CIRE Equity has purchased Sparks Galleria, a grocery-anchored retail center located in Sparks, a suburb of Reno. Pine Tree Commercial Realty sold the asset for $40.6 million. Anchored by Sprouts Farmers Market and Marshalls/HomeGoods, Sparks Galleria features 212,647 square feet of retail space. Additional tenants include Starbucks Coffee, Qdoda Mexican Eats, See’s Candies and Kay Jewelers. Colliers International, in collaboration with Newmark Knight Frank, represented the seller in the deal.

October 16, 2019

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