Aspen Square Sells Las Vegas Community for $53M

The buyer obtained a $33.5 million Freddie Mac loan for this acquisition.

The community at 3580 E. Alexander Road in Las Vegas.
Millennium East came online in 2000 and underwent renovations in 2018. Image courtesy of Northmarq

Millennium East, a 236-unit multifamily property in Las Vegas, has changed hands for $52.8 million. NNC Apartment Ventures acquired the asset from Aspen Square Management, according to Yardi Matrix information, and took out a $33.5 million Freddie Mac acquisition loan.

Northmarq represented the seller and originated the seven-year, permanent fixed-rate note through its financial arm, NorthMarq Capital.

The community previously traded in February 2022, when Aspen acquired it from Reliant Group for $26 million, or $110,000 per unit.

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Completed in 2000 and renovated in 2018, the garden-style property encompasses 30 two-story buildings spread across more than 11 acres. The unit mix consists of one-, two- and three-bedroom floorplans with private balconies or patios, ranging between 720 and 1,116 square feet.

Common-area amenities comprise a fitness center, clubhouse and children playground, as well as a swimming pool and spa. The property also has some 350 parking spaces and outside storage.

Millennium East is at 3580 E. Alexander Road, close to a host of dining and retail options including the Cannery Corner shopping mall. Downtown Las Vegas is less than 8 miles away, while the Harry Reid International Airport is some 17 miles southwest.

Northmarq Managing Director Thomas Olivetti brokered the sale. The Debt + Equity team than arranged the financing comprised Senior Vice Presidents Bryan Mummaw, Brandon Harrington and Christopher Gitibin, along with Vice Presidents Bryan Liu and Tyler Woodard.

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