Bridge Investment Group Acquires Vegas Asset for $73M

Taking advantage of the enormous population and job growth, the firm has acquired a well-located, amenity-rich east Las Vegas multifamily community.

Monterra. Image courtesy of Bridge Investment Group

A Las Vegas, Nev., apartment community called Monterra has been acquired by Bridge Investment Group. Located 6 miles from downtown Las Vegas, the 344-unit multifamily property sold for $73.3 million, which is equivalent to $212,936 per unit.

Constructed in 1999 on more than 18 acres, the two-story property at 5250 Stewart Ave. in the secluded, suburban-feel east Las Vegas enclave offers newly renovated one- to three-bedroom apartments. Features and finishes of the units include oversize walk-in closets, in-unit washers and dryers, ceiling fans, vinyl flooring and vaulted ceilings. Two swimming pools lead the list of common-area amenities. Institutional Property Advisors, a division of Marcus & Millichap, arranged the sale. Steve Gebing, IPA executive managing director, represented Bridge Investment Group.

Short drive

A wide array of conveniences can be found near Monterra. The apartment community provides convenient access to Nellis Air Force Base, the University of Nevada, Las Vegas and Harry Reid International Airport, which can all be accessed within a short drive. Nearby are Sunrise Vista Golf Course and Shadow Rock Park. The Smith Center Las Vegas and Bracken Elementary School are also close by.

In a prepared statement, an IPA official noted Las Vegas is among the fastest-growing cities in the country. Each year for the next five, the city is anticipated to add an average 47,000 residents. And though year-over-year rents have grown substantially, they still remain $1,000 below Southern California’s regional mean.

The official added that the market’s solid fundamentals are supported by robust job growth. Together, they deliver outstanding opportunity for Bridge Investment Group. Two months ago, Institutional Property Advisors represented the seller and procured the buyer when an Arizona multifamily community changed hands.