JLL Arranges 430-Unit Vegas Sale

Monogram Realty Trust sold Veritas Apartments in a transaction completed by JLL Vice Presidents John Cunningham and Charles Steele. Farnam Realty acquired the asset.

By Laura Calugar

JLL’s Capital Markets completed the sale of Veritas Apartments in the Las Vegas suburb of Henderson, Nev. JLL Executive Vice Presidents John Cunningham and Charles Steele represented the seller, Monogram Residential Trust. Farnam Realty Inc. purchased the 430-unit, Class A multifamily asset for an undisclosed amount. According to Yardi Matrix data, the property became subject to a $37.3 million loan funded by Fannie Mae in 2012. The seven-year loan bears interest at a rate of 2.8 percent per annum.

Located at 3370 St. Rose Parkway, Veritas Apartments is at the base of the Black Mountain Range. The asset is less than 10 miles from the junction between Interstates 15 and 215. Residents also have access to more than 5.3 million square feet of retail space within a three-mile radius of the asset and immediate access to St. Rose Hospital. Completed in 2011, Veritas includes 218 one-, 158 two- and 54 three-bedroom units, ranging from 727 to 1,289 square feet. The 18-building asset used to be known as Alexan Saint Rose.   

Attractive living environment  

Amenities of the Veritas Apartments include:

  • three swimming pools
  • a fitness center with yoga room
  • a spa
  • a clubhouse with gaming room and cyber café
  • a business center
  • 645 parking spaces
  • a clubhouse
  • covered patio with outdoor kitchen
  • barbecue grills

“Las Vegas’ apartment market continues to gain traction with investors as job growth and economic expansion remain ahead of the majority of the country. Veritas is located within an affluent suburb that benefits from this growth and offers residents an extremely attractive living environment,” said Cunningham, in a prepared statement.

If you’d like to be featured in Brokers’ Corner, send your deal to Adelina Osan.

Images courtesy of Veritas Apartments website

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