MG Properties Group has announced the purchase of two apartment communities located in Las Vegas. The properties, totaling 641 units, traded for a combined $68 million.
Located at 501 E. Lake Mead Parkway in Henderson, Nev., Prelude at the Park Apartments was built in 1997. The 320-unit apartment community features a fitness center, clubhouse, volleyball court, playground, two swimming pools with spas and 500 parking stalls. The unit mix of the community consists of one-, two and three-bedroom floor plans, ranging in size from 712 to 1,202 square feet. The property traded for $33.5 million, and the sale was subject to a $22 million Fannie Mae loan, which Brian Eisendrath and Cameron Chalfant of CBRE arranged. Private owner Raymond Wrong, who was the seller, tapped SVP Tom Naseef and VP Garry Cuff of Colliers International to represent him. MGPG intends to refurbish the property by upgrading common areas and unit interiors.
Located at 770 W. Lone Mountain Road in North Las Vegas, Nev., Sedona at Lone Mountain Apartments was built in 1997 and features 321 units. The apartment community offers controlled access, a fitness center, playground, swimming pool with spa, business center and 400 parking stalls. The property’s unit mix consists of one-, two- and three-bedroom floor plans ranging in size from 1,056 to 1,240 square feet. The community traded for $34.7 million and required the assumption of existing Freddie Mac debt. Executive Managing Directors Doug Schuster and Curt Allsop, Director Vittal Ram and Associate Angela Bates of ARA Newmark represented the seller, Fowler Property Acquisitions.
Images courtesy of Yardi Matrix