Las Vegas-Area Luxury Community Fetches $59M

JLL has arranged the $59.3 million sale of Montecito Pointe, a 336-unit luxury apartment community located in Northwest Las Vegas. Managing Directors John Cunningham and Charles Steele facilitated the transaction on behalf of seller The Bascom Group. RK Properties purchased the community and, according to Yardi Matrix data, the sale was subject to a $32,000,000 Fannie Mae loan. 

Located at 9745 Grand Teton Drive, Montecito Pointe is close to U.S. Route 95, providing easy access to downtown Las Vegas, which is within a 20-minute drive. The property is also close to Red Rock Canyon National Conservation Area.

Value-add opportunity

The three-story property completed in 2007 sits on 13.6 acres of land. The 336 units range from 716 to 1,220 square feet. The asset provides the buyer with the opportunity to add further value by completing a renovation program initiated by the seller. At the time of the transaction, the community had an occupancy rate of 98.5 percent. Common-area amenities include:

• controlled access
• swimming pool and spa
• fitness center
• clubhouse
• children’s play area
• covered parking

“The Las Vegas apartment market is among the strongest in the nation and Montecito Pointe, which has been immaculately maintained by the owner, is perfectly positioned to benefit from the explosive population and economic growth that we are seeing in the metro area,” Cunningham said, in a prepared statement.  

JLL recently facilitated the $53.7 million transaction of a luxury apartment community in Norton, Mass.

Image courtesy of JLL

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