LAS VEGAS — TruAmerica Multifamily has purchased the 420-unit Montego Bay apartment community in the Las Vegas submarket of Henderson for $51.1 million. Montego Bay was built in 1990. The Class B community is located at 1050 Whitney Ranch Drive. TruAmerica plans to renovate the property. The renovation will target the interior units, as well as exterior and common areas. The company now owns about 1,000 rental units within the Las Vegas Valley.
LAS VEGAS — Hines has purchased the 308-unit Domain Luxury Apartment Homes in Las Vegas for $58.2 million. The community is located at 831 Coronado Center Drive. The garden-style property is situated at the entrance to the Anthem community. It was built in 2014. Doug Schuster, Curt Allsop and Vittal Ram of ARA Newmark represented the seller, Nevada West Development, in this transaction.
LAS VEGAS — NorthMarq Capital has secured the $26 million refinance of Desert Marketplace, a 251,785-square-foot mixed-use property located on West Warm Springs Road in Las Vegas. Scott Monroe of NorthMarq secured the financing, which is structured with a 3-year, interest-only term with two one-year extensions. The center is composed of six buildings occupied by tenants including Walgreens, TJ Maxx, Glazier’s Food Marketplace, Petco and Big 5.
LAS VEGAS — Wynn Las Vegas is set to develop Wynn Plaza, a 75,518-square-foot luxury retail complex set to augment the existing retail collection at Wynn Las Vegas and Encore on Las Vegas Boulevard. The design of Wynn Plaza will be influenced by European elements, specifically the Avenue Matignon in Paris. The two-story center will feature two entrances off the Strip, a dedicated valet service, atriums and a skylight rotunda. Steve Wynn, chairman and CEO of Wynn Resorts, designed the project in collaboration with Roger Thomas, executive vice president of Architecture DeRuyter Butler, and Wynn Design and Development. The project is set for completion in 2017.
LOS ANGELES AND LAS VEGAS — Ready Capital Structured Finance has closed three loans throughout California and Nevada for a total of $15.9 million. Properties that received financing include a 24-unit multifamily community in Beverly Hills that will use the funds for renovation and stabilization; a 499-unit self-storage facility in Corona that will use the funds for refinancing and stabilization; and a 32,800-square-foot retail center in Las Vegas that will use the funds for the development and stabilization of the property.
LAS VEGAS — Meridian Capital Group has arranged $20 million in financing for the acquisition of a single-tenant, 16,000-square-foot Walgreens located on the Las Vegas Strip. Steven Tessler of Meridian secured the 10-year, interest-only loan through a balance sheet lender. The property is located at 3025 S. Las Vegas Blvd. near the Wynn and Encore hotels. The buyer and seller were not disclosed.
PAHRUMP, NEV. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Inspirations Senior Living, a 78-unit seniors housing community in Pahrump, approximately 60 miles west of Las Vegas. The seller and purchase price were not disclosed. Inspirations provides independent living, assisted living and memory care services in a two-story building. The community will retain its name as part of the deal. This is CPF’s second acquisition in Nevada, and seventh total community. Grace Management will take over operations. CPF is a Chicago- and San Francisco-based healthcare private equity investment firm.
RENO, NEV. — Lee & Associates has arranged the $25.5 million sale of South Creek, a 66,834-square-foot, 29-unit shopping center located in Reno. Lyle Chamberlain of Lee & Associates represented the seller, Horseshoe Bend LLC, and Chad Coons of Gilmore Coons Commercial Real Estate represented the buyer, Alves South Creek, in the transaction.
LAS VEGAS — AW Family Trust has acquired Durango Springs Plaza, a 15,800-square-foot retail center in Las Vegas, for $8.3 million. The center is located at 8520, 8530, 8550 W. Warm Springs Road. Chris Emanuel and John Blommer of Virtus Commercial represented the seller, DSP 1 LLC, in this transaction.
LAS VEGAS — AW Family Trust has purchased the 21,639-square-foot Silverado Auto Plaza building in Las Vegas for $8.9 million. The plaza is located at 1280, 1310 and 1340 E. Silverado Ranch Blvd. Virtus Commercial’s Chris Emanuel and John Blommer represented the seller.
