Las Vegas Multifamily Wrap-Up – March 2020
Tower16 Capital sells 228-unit community. Governor stops all evictions. Catch up on our March selection of Las Vegas must-reads.
Altura on Duneville. Image courtesy of Tower 16 Capital Partners
Las Vegas saw steady investment and development activity in the first half of March. However, the multifamily sector began to see the impacts of the COVID-19 pandemic in the second half of the month, with Governor Sisolak declaring a state of emergency and issuing a residential and commercial eviction ban shortly afterward. Read our March list of Las Vegas must-knows:
1. DEAL – North Las Vegas community trades for $22 million.
MDC Realty Advisors acquired Las Brisas de Cheyenne, a 176-unit property, according to public records. Avison Young represented the seller, 3D Investments, which sold the asset for $22 million. The new owner financed the purchase with a seven-year, $13.5 million Freddie Mac loan originated by HFF. Located on 9 acres at 3985 E. Cheyenne Ave., the community has 11 two-story buildings completed in 1999.
2. OPERATIONS – Governor issues order to stop evictions.
His March 29 order puts a moratorium in place on all residential and commercial evictions for the duration of the state of emergency declared on March 12, according to the Las Vegas Review-Journal. The order will stop new lockouts but it also applies to evictions filed before the declaration. Sisolak stated that this does not forgive rents due, and tenants will have to negotiate payment plans with their landlords.
3. DEAL – Nitya Capital acquires 228-unit community for $36 million.
A partnership between Tower 16 Capital and Henley Investments sold Altura on Duneville. The new owner received a $30.7 million acquisition loan from The Bancorp Bank, according to public records. Located at 5050 Duneville St., the property was built in 1986 and renovated by the seller during its two years of ownership.
4. DEVELOPMENT – WestCorp Management opens 380-unit, luxury property.
The company partnered with Nevada West Development to deliver The Aviator, a community close to the Henderson Executive Airport. Located on 19 acres at 3660 St. Rose Parkway, the property comprises 24 two-story buildings with one- to three-bedroom floorplans. Amenities include a clubhouse, a business center, a gym, a spa and two pools.
