2 Vegas Properties Command $60M

Westland Real Estate Group has acquired Liberty Village Apartments and Village Square Apartments, two Las Vegas-based multifamily communities, from Shamrock Properties VI LLC and Shamrock Properties VII LLC, for $60.3 million.

Northcap Commercial facilitated the sale on behalf of the buyer, while CBRE’s Spence Ballif represented the seller.

“As the Las Vegas market heats up, it is becoming increasingly difficult to identify value-add multifamily investment opportunities of this scope,” Robin Willett, Northcap’s senior VP of multifamily investments, told MHN. “By identifying a high-value portfolio opportunity with room for improvement at a competitive price, we were able to bring deep value to the buyer while negotiating an acquisition that was also a win for the seller.”

The two-property portfolio totals 1,129 units and ups Westland Real Estate Group’s portfolio to more than 15,000 units nationwide. Both communities offer one-, two-, and three-bedroom floorplans.

Both are gated communities with in-demand amenities including fitness centers and dog parks. Units are fully amenitized including upgraded kitchens, large closets, private balconies/patios, air conditioning and hardwood floors.

Liberty Village Apartments, located at 4870 Nellisoasis Lane, also offers four swimming pools with a spa, two tennis courts, a basketball court and a Wi-Fi-enabled business center, while Village Square Apartments, located at 5025 Nellisoasis Lane, offers two swimming pools with a spa, a tennis court, a basketball court and community BBQ areas.

Both properties are situated in a peaceful, residential area in the northeast area of Las Vegas, across the street from Nellis Air Force Base, the CCSN Cheyenne Campus, and Nellis Meadows Park, and in close proximity to shopping, dining, entertainment, and transit options. Additionally, they are each about three miles from Interstate Route 15, providing easy access to nearby employment hubs throughout Las Vegas.

“The properties’ proximity to jobs and education will drive renter demand, while their location near recreational activities offers high quality of life for renters,” Willett said.

No Need to Gamble on Vegas

According to Willett, while Las Vegas was slower to recover than many other cities initially, it has become one of strongest in rent growth. In fact, in September, multifamily rents for 2018 hit a record high, with Las Vegas coming in at No. 2, with a 5.7 increase.

“There is tremendous value in owning a portfolio of this size and vintage in the current Las Vegas market,” Willett said. “Based on data from the U.S. Labor Department, Nevada is the fastest-growing job market in the nation as of 2018. This drives substantial housing demand that will support high occupancy and strong NOI for years to come.”

Willett was joined on the deal by Devin Lee, Northcap’s director of multifamily investments.