Las Vegas Workforce Housing Trades
Fannie Mae provided financing.
Wilshire Unlimited has sold Intrigue Apartments, a 193-unit workforce housing property in Las Vegas, to a private family trust. The asset changed hands for $33.5 million, according to Yardi Matrix data.
The sale also involved a $17.5 million Fannie Mae loan originated by NewPoint Real Estate Capital‘s Managing Director David Bleiweiss. The note carries a 7-year term with 4 years of interest-only payments and a 30-year amortization schedule.
Formerly known as Andiamo Apartments, the property encompasses eight two-story buildings completed in 1986. The unit mix features one and two-bedroom floorplans ranging from 700 to 900 square feet. Common-area amenities include a fitness center, a clubhouse, a swimming pool and laundry facilities, along with 300 parking spaces.
Located at 4600 Vegas Drive, Intrigue Apartments is close to Highway 95 and roughly 5 miles west of downtown Las Vegas. It is also some 2 miles from the North Las Vegas Airport, across from the Las Vegas Golf Club.
Multifamily investment has dropped significantly in Las Vegas. In the first half of 2023, transactions totaled $283 million, only 13 percent of the $2.2 billion figure registered in the same period in 2022, a recent Yardi Matrix report shows. Meanwhile, the average price per unit in the metro decreased by 25.7 percent year-over-year through June, reaching $184,407.