Community in Vegas Opportunity Zone Sells for $64M
A joint venture between The Arden Group and GFO Cos. purchased the newly delivered, 215-unit student housing property.
Redbridge Capital has sold Echo 1055, a recently completed 215-unit student housing community in Las Vegas, to a joint venture between The Arden Group and GFO Cos. for $64 million, according to Clark County records. The seller broke ground on the development in January 2018, according to Yardi Matrix, financing the project with a $44 million construction loan from American National Insurance Co.
Located at 1055 E. Tropicana Ave., the five-story building is across the street from the University of Nevada, Las Vegas’s campus, approximately 2 miles from the Strip. The property is close to McCarran International Airport and within 3 miles of interstates 15 and 515. A large variety of hospitality and retail assets are in the immediate area. The asset is located within one of Clark County’s 45 designated Opportunity Zones.
The community has studio, two-, three- and four-bedroom units, with floorplans ranging from 420 to 1,224 square feet. Property amenities include a 24-hour fitness center, a game room, study rooms, meeting space and covered parking spaces.
UNLV is home to more than 30,000 students. While there are more than 11,000 units within a mile of the campus, the vast majority of communities are Class C properties with an average age of 42 years. While investors are taking advantage of value-add opportunities in the area, only slightly more than 350 units of ground-up student housing projects are currently underway, per Yardi Matrix data.