Las Vegas Multifamily Wrap-Up – September 2020
Berkadia closes $32 million deal. Schulman delivers upscale community. Here’s our September selection of Las Vegas must-reads.
In the second half of September, Nevada saw a 54 percent increase in the average number of COVID-19 infections, according to The New York Times. During this time, the state’s eviction moratorium remained in effect, though Governor Sisolak began lifting some restrictions for public gatherings at month-end.
Locally, the Las Vegas multifamily sector experienced a fair amount of activity, with transactions and project deliveries dominating the headlines. Having taken advantage of construction’s categorization an essential service early on, developers continued to add units, while investors poured capital into in-demand assets. Check out our September selection of Las Vegas must-knows:
1. DEAL – North Vegas community trades for $20 million.
Alpha Wave Investors sold the 144-unit Cypress Springs to a private investor, Yardi Matrix data shows. CBRE Capital Markets provided a Freddie Mac acquisition loan for the new owner. Completed in 1994, the 18-building community sits on a 7-acre parcel at 3651 N. Rancho Drive. The unit mix has one- to three-bedroom floorplans ranging from 718 to 1,201 square feet. The amenity package includes a fitness center, spa and swimming pool.
2. DEVELOPMENT – Schulman JV delivers suburban luxury community.
The company partnered with Watt Cos. to complete Tuscan Highlands, a 304-unit property. In 2018, the developer received a $41.1 million construction loan from Pacific Western Bank for the project, Yardi Matrix shows. The property encompasses 26 buildings occupying 15 acres at 12656 Southern Highlands Parkway. The unit mix includes studio and loft-style apartments, as well as one- and two-bedroom floorplans.
3. DEAL – Berkadia arranges $32 million Class C sale.
Managing Director Brian Anderson and Associate Director Jared Glove assisted a private investor in the disposition of Cameron Apartments, a 317-unit community. The brokerage also secured a 10-year, $22.4 million Freddie Mac acquisition loan for the Florida-based buyer. Located on 12 acres at 4600 W. Sirius Ave., the property encompasses 21 two-story buildings completed in 1981. Amenities include laundry facilities, a pool, a playground and tennis and racquetball courts.
4. DEAL – Avison Young brokers student housing asset sale.
Laguna Point Properties purchased Point on Flamingo, a 189-unit community near the University of Nevada Las Vegas, for $21.7 million from Financial Attunement. Bridge Investment Group originated a $16.9 million acquisition loan for the new owner, according to Yardi Matrix. Located on 5 acres at 939-969 E. Flamingo Road, the property was completed in 1973. During its three-year hold, the seller executed a $5 million capital improvement plan on the asset.