Nevada

CRA, The Roxborough Group Sell Las Vegas Multifamily Portfolio for $137.5 Million

by Jeff Shaw July 10, 2019

LAS VEGAS — Continental Realty Advisors (CRA) and The Roxborough Group have sold a three-community multifamily portfolio spanning 1,194 units in Las Vegas. The price was $137.5 million. The buyer was not disclosed. The Las Vegas portfolio includes: the 440-unit Stonegate Apartments, which was constructed in 1991; the 402-unit Loma Vista Apartments, constructed in 1998; and the 352-unit Viridian Palms (formerly Stonegate West) constructed in 1990. In recent years, the sellers invested over $5 million in repairs and improvements at the properties.

July 10, 2019

Acquisitions Multifamily Nevada Top Stories Western

Waterton Acquires 720-Unit Multifamily Portfolio in Las Vegas for $140M

by Taylor Williams July 8, 2019

LAS VEGAS — Waterton, a national owner-operator that specializes in multifamily and hospitality assets, has acquired a two-property, 720-unit multifamily portfolio in Las Vegas. According to the Las Vegas Review-Journal, the sales price was $140 million. The seller was not disclosed. Mirasol is a 400-unit community that was built in 1996 and features amenities such as a resident clubhouse, fitness center, pool and dog park. Fairways on Green Valley spans 320 units, was built in 1989 and offers a clubhouse, recreation center and a pool. Both properties are located about 10 miles south of downtown Las Vegas. Waterton had previously disposed of all its Las Vegas holdings in June 2017, but has re-entered the market due to exceptionally strong job growth and affordability relative to other western cities, according to company officials. “These well-located, commuter-friendly assets offer easy access to a range of high-quality schools, businesses and lifestyle amenities,” says Peter Kuzma, vice president of acquisitions at Waterton. “As the costs of homeownership continue to rise and the pool of renters increases, the value proposition for multifamily housing in this area has become particularly attractive.” Chicago-based Waterton’s initial investment plans include interior renovations and improvements to residences, as well as …

July 8, 2019

Data Centers Development Industrial Nevada Western

Google Breaks Ground on $600M Data Center in Nevada

by Jeff Shaw July 3, 2019

HENDERSON, NEV. — Google has broken ground on a $600 million data center in the metro Las Vegas city of Henderson. The 750,000-square-foot facility sits on a 64-acre site and is expected to open in 2020. It is part of a $13 billion data center and office expansion effort by Google, which also includes facilities in Michigan, Oklahoma and Texas.

July 3, 2019

Acquisitions Nevada Retail Western

Gindi Capital Acquires Las Vegas Strip Property for $172M

by Kristin Harlow July 1, 2019

LAS VEGAS — Gindi Capital, a privately held investment company, has acquired a 9.5-acre property on the Las Vegas strip for $172 million from FX Luxury Las Vegas, an affiliate of Spectrum Group Management. The property is located at 3743-3759 Las Vegas Blvd., adjacent to Gindi’s other holdings on the strip, and contains 700 feet of street frontage. Gindi Capital is working with its development and design teams to plan a new flagship retail, entertainment and dining experience inside the building.

July 1, 2019

Acquisitions Company News Hospitality Nevada Retail Top Stories Western

Eldorado Resorts to Acquire Caesars Entertainment for $17.3B, Creating World’s Largest Gaming Company

by John Nelson June 25, 2019

RENO AND LAS VEGAS, NEV. — Eldorado Resorts Inc. (NASDAQ: ERI) and Caesars Entertainment Corp. (NASDAQ: CZR) have agreed to merge operations in a cash and stock deal valued at $17.3 billion. Eldorado plans to purchase the assets and operations of Caesars, creating the world’s largest gaming company. If approved and executed, the combined company would operate under the Caesars name and continue to trade on the Nasdaq Global Select Market. The combined company would own and operate approximately 60 casino-resorts and gaming facilities across 16 states. The combined company will also oversee the completion of the $1.2 billion room remodeling program of Caesars’ Las Vegas Strip assets. Eldorado will acquire all the outstanding shares of Caesars using $7.2 billion in cash, approximately 77 million Eldorado common shares and the assumption of Caesars outstanding net debt, excluding face value of the existing convertible note (i.e. short-term debt that converts to equity). Eldorado and Caesars shareholders will hold approximately 51 percent and 49 percent of the combined company’s outstanding shares, respectively. The combined company’s board of directors will consist of 11 members, six from Eldorado’s board of directors and five from Caesars’ board of directors. The board of directors for both …

June 25, 2019

Acquisitions Multifamily Nevada Student Housing Texas Top Stories Western

Preiss, BCEG International Acquire Two Student Housing Communities Totaling 1,104 Beds in San Antonio, Las Vegas

by Kristin Harlow June 19, 2019

SAN ANTONIO AND LAS VEGAS — The Preiss Co. (TPCO), in a joint venture partnership with BCEG International Investment US (BCEGI), has acquired the 624-bed High View Place Student Apartments in San Antonio and the 480-bed Rebel Place in Las Vegas. Neither the sellers nor purchase prices were disclosed. Located at 15949 Chase Hill Blvd. and serving the University of Texas at San Antonio student population, High View Place offers a variety of one-, two- and four-bedroom floor plans. Each of the 204 units includes a kitchen, balcony, in-unit washer and dryer, 50-inch TV, complimentary high-speed internet and cable, and walk-in closets. Amenities include study spaces, a clubhouse, computer lab, swimming pool, gaming center, sand volleyball court and grilling area. TPCO is overseeing a multi-million refurbishment of the property, which marks the company’s third acquisition in the San Antonio market in the last 12 months. Plans call for electronic key-fob installation and upgrades to the interior flooring, amenities and internet service. Rebel Place is located at 3896 Swenson St. near the University of Nevada, Las Vegas. Each fully furnished apartment includes energy-efficient appliances, cable television packages, internet and in-unit washer and dryers. Community amenities include a fitness center, picnic area, …

June 19, 2019

Acquisitions Multifamily Nevada Western

TruAmerica Multifamily Acquires 896-Unit Allanza at the Lakes in Las Vegas for $152M

by Amy Works June 13, 2019

LAS VEGAS — Los Angeles-based TruAmerica Multifamily, in a joint venture with an institutional partner, has purchased Allanza at the Lakes, a multifamily property located at 8600 Starboard Drive in Las Vegas, for $152 million. Allanza is the fourth largest apartment community in Nevada and the largest acquisition by unit size in the six-year history of TruAmerica. Built in 1986, Allanza features 896 units in a mix of one-, two- and three-bedroom layouts spread across 56 two-story buildings on a 40-acre site. Community amenities include five swimming pools, two fitness centers, a pet spa, picnic areas and a playground. Phillip Weigand and Thomas Olivetti of Northmarq’s Las Vegas office represented the undisclosed seller in the deal.

June 13, 2019

Development Industrial Nevada Western

Panattoni Development Begins Work on North 15 Logistics Center in North Las Vegas

by Amy Works June 13, 2019

NORTH LAS VEGAS, NEV. — Panattoni Development, serving as developer, has commenced work on North 15 Logistics Center, building on a 29.9-acre land parcel located at the intersection of Interstate 15 and Speedway Boulevard in North Las Vegas. Slated for completion in first-quarter 2020, the $47 million project will feature two buildings offering a total of 550,024 square feet of industrial space. The facilities will feature up to 36-foot clear heights, ESFR sprinkler systems, R-30 roof batt insulation and concrete truck courts. LIT Industrial Limited Partnership, a Clarion Partners company, owns North 15 Logistics Center. Alston Construction is serving as contractor and HPA Architects is proving architectural services.

June 13, 2019

KeyBank-Villas-Green-Valley-Henderson-NV

Loans Multifamily Nevada Western

KeyBank Secures $65M in Financing for Villas at Green Valley Multifamily Property in Nevada

by Amy Works June 11, 2019

HENDERSON, NEV. — KeyBank Real Estate Capital has secured $65 million in Fannie Mae financing for Maxx Properties’ previously announced acquisition of Villas at Green Valley in Henderson. Built in 1984 and 1986, the community features 609 garden-style apartment units across 38 two- and three-story apartment buildings, a clubhouse and fitness center on 21 acres. Alan Isenstadt of KeyBank Real Estate Capital’s Income Property Group and Erik Storz of Key’s Commercial Mortgage Group arranged financing for the project.

June 11, 2019

LogistiCenter-Speedway-North-Las-Vegas-NV

Development Industrial Nevada Western

Dermody Properties Breaks Ground on 251,800 SF Distribution Center in North Las Vegas

by Amy Works May 23, 2019

NORTH LAS VEGAS, NEV. — Dermody Properties has broken ground on LogistiCenter at Speedway, a distribution facility located at 6565 Nascar St. in North Las Vegas. Situated on 14 acres, the 251,800-square-foot building will feature 32-foot clear heights, 52 dock doors, eight grade-level doors and 182 car parking spaces. The building is currently available for pre-leasing and is divisible to 24,300 square feet. Garrett Toft and Sean Zaher of CBRE Las Vegas is representing the property. United Construction Co. is serving as general contractor.

May 23, 2019

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