Citymark, InterCapital Go Shopping in Vegas
The two companies purchased Vintage Pointe, a 368-unit apartment community in Vegas’ Michael Way neighborhood, for $49.2 million.
By Tudor Scolca
A partnership of Citymark Capital and InterCapital Group has purchased Vintage Pointe, a 368-unit apartment community in Las Vegas. According to Clark County records, the property traded for $49.2 million.
Vintage Pointe is situated in Vegas’ Michael Way neighborhood, at 6500 Vegas Drive. It comprises one- and two-bedroom units ranging in size from 814 to 1,125 square feet. The 47-building community was constructed in 1994. Common amenities include a fitness center, controlled access, tennis court, two swimming pools, two spas and a total of 368 parking spaces.
Solid returns for investors
Vintage Pointe is in a highly-amenitized neighborhood, with multiple shopping destinations and restaurants within three miles. The intersection of Oran K. Gragson Freeway and West Lake Mead Boulevard features a Whole Foods market, a soccer complex, over a dozen restaurants, gyms and a movie theater. Commute options can be found on Vegas Drive and through U.S. Route 95, with North Las Vegas Airport about 10 minutes away.
“Citymark Capital is excited to partner with InterCapital to invest in institutional quality apartments in the Las Vegas marketplace. This aligns with our national platform of investing in leading U.S. markets and taking a disciplined approach to generating solid returns for our investors,” said Dan Walsh, founder & CEO of Citymark Capital, in a prepared statement.
Image courtesy of Yardi Matrix