Cushman & Wakefield has completed the sale of City View Apartments, a 112-unit market-rate community in Las Vegas. The firm’s Director Taylor Sims and Executive Director Carl Sims represented the seller, CALCAP Asset Management, in the transaction.
Signature Management of Atlanta acquired the asset for $13 million, or $116,071 per unit, according to Yardi Matrix data. The deal was subject to an $8.5 million Freddie Mac loan originated by Berkadia Commercial Mortgage. The loan is scheduled to mature in October 2029.
Located on more than 4 acres at 3355 S. Arville St., the seven-building property was constructed in 1977. The community offers a mix of one- and two-bedroom floor plans averaging 714 square feet and features vaulted ceilings and private balconies/patios. Common-area amenities include a fitness center, a swimming pool, a spa, two laundry facilities and 230 parking spaces. City View Apartments recently underwent a light interior improvement plan, which included new countertops, appliances, baseboards, paint and hardware.
The community is located less than 1.5 miles from the Las Vegas Strip, near the Chinatown submarket, close to major employment hubs and transportation. Las Vegas posted a solid investment volume in the first quarter of 2019, when $680 million in multifamily apartments changed hands—reflecting a per-unit price of $163,504, up 40 percent year-over-year through April.
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