Nevada

CALCAP Asset Management Sells City View Apartments in Las Vegas for $13M

by Amy Works October 2, 2019

LAS VEGAS — CALCAP Asset Management has completed the disposition of City View Apartments, a multifamily asset located at 3355 Arville St. in Las Vegas’ West-Central submarket. A local multifamily owner acquired the property for $13 million. Constructed in 1977, City View Apartments features 112 garden-style apartments in a mix of one- and two-bedroom layouts with upgraded countertops, appliances, baseboards, paint and hardware. Community amenities include a swimming pool and a clubhouse. Taylor Sims and Carl Sims of Cushman & Wakefield represented the seller in the transaction.

October 2, 2019

Acquisitions Nevada Retail Western

Colliers Brokers $1.6M Sale of 10,400 SF Retail Property in Las Vegas

by Amy Works September 30, 2019

LAS VEGAS — Colliers International has negotiated the sale of a retail property in Las Vegas. The Gail M. Buy Trust sold the asset to Rainbow Coley LLC for $1.6 million. Located at 2972 S. Rainbow Blvd., the property features 10,400 square feet of retail space. Chris Connell and Grant Traub of Colliers International represented the seller in the deal.

September 30, 2019

Acquisitions Hospitality Nevada Top Stories Western

Caesars Agrees to Sell Rio Casino, Hotel in Las Vegas for $516.3M

by Jeff Shaw September 23, 2019

LAS VEGAS — Caesars Entertainment Corp. (NASDAQ: CZR) has agreed to sell the Rio All-Suite Hotel & Casino for $516.3 million. The buyer is a company controlled by a principal of New York City-based investment firm Imperial Cos. The property is located on Flamingo Road, two blocks from the highly concentrated stretch of casinos on Las Vegas Boulevard known as the Las Vegas Strip. The Rio features 117,300 square feet of casino space, over 1,000 slot machines and 2,520 hotel rooms. Caesars will continue to operate the property for a minimum of two years under a triple-net lease, paying annualized rent of $45 million. The buyer has the option to pay Caesars $7 million to extend the lease under similar terms for a third year. At the end of the lease term, Caesars will either continue to manage Rio or provide transition services to the buyer. The agreement allows for co-ownership of Rio-specific guest data and places no restrictions on Caesars’ marketing activities. The Rio will continue to be part of the Caesars Rewards network during the lease term, and “the transaction is not expected to result in any changes to the guest experience,” according to Caesars. The World Series …

September 23, 2019

Acquisitions Nevada Retail Western

BK National Solutions Sells 25,892 SF Gramercy Commons Retail Center in Las Vegas for $6.3M

by Amy Works September 16, 2019

LAS VEGAS — BK National Solutions LLC has completed the disposition of Gramercy Commons Retail Center, a multi-tenant retail building in Las Vegas. Manjinder Saini acquired the asset for $6.3 million. Located at 5752 S. Fort Apache Road, the property features 25,892 square feet of retail space. Roy Fritz, Cathy Jones, Paul Miachika, Taylor Vasquez and Dylan Heroy of Sun Commercial Real Estate represented the buyer, while Logic Commercial Real Estate represented the seller in the transaction.

September 16, 2019

Acquisitions Nevada Retail Western

K Corp. Acquires Crossing at Meadowood Square Shopping Center in Reno for $4.4M

by Amy Works September 10, 2019

RENO, NEV. — K Corp. has purchased a portion of retail space at The Crossing at Meadowood Square, a shopping center in Reno. The company acquired the 31,400-square-foot portion for $4.4 million. This transaction completes its ownership of the 63,000-square-foot center, after purchasing 32,000 square feet of space in 2014. The 31,400-square-foot portion is an anchor site currently occupied by Goodwill, which will vacate the space in October. The new owner plans to redevelop the property. Additional tenants include FedEx Office, Subway, Nevada Home Fitness and Animal Emergency. The name of the seller was not released.

September 10, 2019

Arrowhead-Valley-Retirement-Resort-Peoria-AZ

Arizona Development Multifamily Nevada Seniors Housing Western

Resort Lifestyle Communities Completes Seniors Housing Projects in Arizona, Nevada

by Amy Works September 9, 2019

PEORIA, ARIZ., AND HENDERSON, NEV. — Resort Lifestyle Communities has completed construction of two independent living communities, Arrowhead Valley Retirement Resort in the Phoenix suburb of Peoria and Cactus Valley Retirement Resort in the Las Vegas suburb of Henderson. A grand opening is being hosted Sept. 12 at Arrowhead Valley, while Cactus Valley has already opened its doors. The Henderson community features 128 units, but the size of the Peoria community was not disclosed. Resort Lifestyle Communities develops all-inclusive resort-style seniors housing communities across the country, with 45 properties open or under construction.

September 9, 2019

Acquisitions Industrial Nevada Western

Invesco, TA Realty Acquire 10 Industrial Buildings in Las Vegas for $117M

by Amy Works September 6, 2019

LAS VEGAS — Invesco Real Estate and TA Realty Advisors have purchased 10 fully leased industrial buildings in Las Vegas from a private family trust for $117 million. Atlanta-based Invesco acquired four of the buildings, totaling 651,210 square feet, in North Las Vegas, while Boston-based TA Realty purchased the remaining six buildings, totaling 350,000 square feet in Southwest Las Vegas. Michael Kendall, Gian Carlo Bruno, Spencer Pinter, Dan Doherty, Paul Sweetlands, Chris Lane and Jerry Doty of Colliers International represented the seller in the deal.

September 6, 2019

Acquisitions Multifamily Nevada Western

Haven Realty Capital Sells Mountain Vista Apartments in Las Vegas for $17.7M

by Amy Works August 27, 2019

LAS VEGAS — Haven Realty Capital has completed the disposition of Mountain Vista, an apartment community located in Las Vegas. An undisclosed buyer acquired the property for $17.7 million. Located at 3950 S. Mountain Vista St., the community features 178 apartments in a mix of one-, two- and three-bedroom layouts. Units offer walk-in closets, balconies, storage space and high-speed internet access. The two-story property was built in 1979. Community amenities include a business center, breakfast/coffee concierge, grills, fitness center, laundry facilities, pool and a picnic area. Taylor Smith and Carl Sims of Cushman & Wakefield represented the seller in the deal.

August 27, 2019

Development Loans Multifamily Nevada ORIX Seniors Housing Western

Propero Provides Equity Investment for $22M Independent Living Community in Reno

by Amy Works August 26, 2019

RENO, NEV. — Propero Seniors Housing Equity Fund III has partnered with Mission Senior Living to fund the construction of Mission Mountain Vista, a 130-unit independent living community in Reno. A combination of equity provided by Propero and a bank loan funded the $22 million construction project. The Propero structure offered Mission Senior Living an equity solution that minimized the amount of upfront capital and provided a clear path to ownership. Chris Mauger led the transaction for Propero and Grant Goodman was the lead for Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital.

August 26, 2019

Loans Multifamily Nevada Western

Greystone Provides $7.9M in Green Financing for Las Vegas Multifamily Property

by Amy Works August 20, 2019

LAS VEGAS, NEV. — Greystone has provided a $7.9 million Freddie Mac Green Advantage loan for the refinancing of Nottingham Gardens, a multifamily property located at 2165 E. Rochelle Ave. in Las Vegas. The fixed-rate loan carries a 10-year term with three years of interest-only payments and a 30-year amortization. Ana Ramos of Greystone’s Los Angeles office originated the loan, with Andy Bratt of Newmark Realty Capital acting as correspondent. Built in 1974, the property features 92 garden- and townhome-style apartments. The borrower has invested in numerous interior and exterior capital improvements at the property since acquiring it in 2015.

August 20, 2019

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