Privately held real estate investment and advisory firm 29th Street Capital (29SC) purchased Woodlake Villas Apartments, a 218-unit multifamily community located in Las Vegas. The company revealed plans to implement a $1.9 million capital improvement program, by renovating units, enhancing the asset’s exterior and improving amenities. 29SC will also put into action energy-efficient upgrades, utilizing the Freddie Mac Multifamily Green Advantage Program.
Located at 4747 Pennwood Ave., the property offers one- and two-bedroom units, ranging in size from 674 to 1,005 square feet. Community amenities include a fitness center, clubhouse, two swimming pools with spa, three laundry facilities and 536 parking stalls. Woodlake Villas is situated roughly three miles west of the Las Vegas Strip and is near numerous daily conveniences, including Trader Joe’s and Smith’s. Additionally, key retail centers such as Fashion Show Mall and The Boulevard are less than five miles away from the apartment community.
“The property is located within a well developed neighborhood that has above-average proximity to the Las Vegas Strip as well as several other local employment opportunities. The combination of the property’s location and the planned renovations will provide current and future residents with a convenient and substantially improved community,” said Dusty Eddy, 29SC’s vice president of Acquisitions, in prepared remarks.
According to data provider Yardi Matrix, the property last traded in 2005, having been acquired by Melroy Investments for almost $69 million. The asset is subject to a seven-year, $8.5 million loan originated in 2011 by Berkadia Commercial Mortgage. 29SC purchased 15 multifamily properties over the past 12 months and continues to pursue additional opportunities across the U.S.
Images courtesy of Yardi Matrix