Aspen Square Sells Las Vegas Community for $53M
The buyer obtained a $33.5 million Freddie Mac loan for this acquisition.
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.
