C&W Negotiates Sin City Sale
The company has arranged the sale of Portofino Villas, a 280-unit community.
Las Vegas—Cushman & Wakefield Commerce has announced that the company has brokered the sale of Portofino Villas, an apartment community located in Las Vegas. The property—sold by AXS Opportunity Fund to the The Millburn Co.—traded for $26 million, according to Yardi Matrix data.
“The Portofino Villas have excellent potential for the Millburn Company. Nevada boasted one of the fastest growing economies in the nation in 2016, and the multifamily housing market was no exception. The Millburn Company has renovations in mind for the villas that will be on par with the improving market,” Carl Sims, Cushman & Wakefield Commerce executive director, said in prepared remarks.
Located at 6300 West Lake Mead Blvd., the 280-unit community encompasses 278,560 square feet and features one-, two- and three-bedroom units with large private patios or balconies. Property amenities include a fitness center, clubhouse, tennis court, swimming pool with spa and 360 parking stalls. The Millburn Co. plans on renovating the asset, adding solar panels to boost energy efficiency and upgrading unit interiors.
Carl Sims and Taylor Sims with Cushman & Wakefield represented the seller.
Image courtesy of Yardi Matrix