29th Street Capital Buys 2 Properties in Las Vegas
The company acquired properties in two of the most sought-after Las Vegas submarkets and plans to spend $1.8 million in capital improvements on one of the assets.
29th Street Capital has added two more communities to its Las Vegas portfolio, the 188-unit Willows at Town Center and the 312-unit Promenade at Sahara. RK Properties sold the first asset for an undisclosed sum, while Prime Group divested Promenade at Sahara for $23.3 million, according to Yardi Matrix. The Promenade at Sahara transaction was subject to a $17.5 million CMBS loan, originated by Walker & Dunlop and provided by M&T Bank.
Willows at Town Center is located at 9145 Echelon Point Drive, in the northwestern Las Vegas submarket, which, according to Yardi Matrix, has seen a multifamily investment volume of almost $250 million in 2018. The community comprises 70 one-bedroom, 82 two-bedroom and 36 three-bedroom units, ranging from 791 to 1,284 square feet. Common-area amenities include a fitness center, clubhouse, swimming pool, spa and 225 parking spaces.
Promenade at Sahara, previously known as Five89, is situated in the Sunrise Manor submarket, another sought-after area, which had a transaction volume of more than $135 million in 2018. The community is located at 4801 E. Sahara Ave. The unit mix consists of 40 one-bedroom, 208 two-bedroom and 64 three-bedroom floorplans, averaging 878 square feet in size. Sahara Avenue presents a plethora of points of interest, ranging from bars and restaurants, to golf courses, retailers and employers. The nearby Interstate 515 and U.S. Route 582 provide access around the greater metro area.
“We feel that the positive demographic trends for the market will continue, which will allow us to execute our business plan and offer higher quality yet still affordable housing,” said Dusty Eddy, senior vice president of acquisitions in the southwest, in a prepared statement.
Adding value in Vegas
29th Street Capital plans to invest $1.8 million in improvements to Willows at Town Center. These include upgrades to interiors, appliances and finishes, such as the addition of Nest thermostats. Exteriors will be renovated as well, with new paint and revamping the amenity package.
“Willows at Town Center is in the desirable Centennial area, which is one of the fastest growing submarkets in the entire valley. This asset has convenient access to major employment areas in the submarket as well as the greater metro area via U.S. Route and the 215 Beltline,” added Eddy, in prepared remarks.
Image courtesy of 29th Street Capital