LAS VEGAS — SB Real Estate Partners has acquired a multifamily property located at 7531 Tule Springs Road in Las Vegas for $42 million. Formerly known as Brownstone Apartments, Portola Centennial Hills offers 143 one-, two- and three-bedroom units spread across nine low-rise residential buildings, which are adjacent to Pop Squires, a 2-acre public park. Amenities include a clubhouse, resort-style pool, barbecue areas, a 24-hour fitness center and tuck-under garages.
The buyer has a limited capital improvements program planned for the property. Upgrades include smart-home tech packages and minor common area upgrades. John Cunningham, Charles Steele and Jared Glover of Berkadia Las Vegas represented the buyer and undisclosed seller in the off-market transaction.