Cushman & Wakefield Arranges $41M Sale in Sin City

by Evelina Croitoru

Tower at Tropicana in Spring Valley, Nev. (<i>pictured</i>), was acquired by Cushman & Wakefield in a two-portfolio deal.

Las Vegas—Cushman & Wakefield has arranged the $41.2 million sale of the apartment portion included in a three-property, multi-state portfolio in Las Vegas. A team led by Carl and Taylor Sims represented the China-based seller. The buyer is a New York subsidiary of Angelo, Gordon & Co.

The portfolio is comprised of Gloria Park Villas, a 240-unit community located at 3625 S. Decatur Blvd., in Paradise, Nev. The asset, built in 1993, traded for almost $20 million. Property amenities include fitness center, clubhouse, two pools with spas and 480 parking stalls. The second property included in the transaction is Tower at Tropicana, a 260-unit apartment community located at 6575 West Tropicana Ave., in Spring Valley, Nev. The property was completed in 1990 and sold for $21.6 million. The asset features a fitness center, clubhouse, two pools with spas and 580 parking stalls, among others.

“The Las Vegas market has seen a large amount of portfolio sales this year, and if it continues through the end of the quarter, it could spell a record year in terms of sales volume […] Since most portfolio sales are contained to one market, or asset type, this cross-platform portfolio was an exciting deal to work on, as it was multi-state and included multiple asset types including two multi-family properties and an office building in Arizona. The global presence of Cushman & Wakefield was a significant factor in the successful completion of this transaction, as our client wanted a team that could handle the complexities of the entire multi-property transaction,” Taylor Sims, director of multifamily investment sales for the Cushman & Wakefield Commerce Las Vegas office, said in a prepared statement.

Image courtesy of towerattropicana.com