LaSalle Investment Management Buys Vegas Community for $156M

Ely at the Curve. Image courtesy of JLL

Ely at The Curve, a mid-rise apartment community in Spring Valley, Nev., a suburb of Las Vegas, has changed hands. LaSalle Investment Management acquired the property from The Calida Group in a transaction closed by JLL Capital Markets. The acquisition price was $155.6 million.

Built in 2010, the 456-unit community features one- and two-bedroom apartments averaging 945 square feet in size. Residences offer all-electric kitchens with stainless steel dishwashers, breakfast bars or islands and above-average ceiling heights with crown molding. A clubhouse with coffee bar represents one of the amenities.

With an address at 6355 South Riley St., Ely at The Curve is proximate to the I-215 interchanges at Sunset Road and Durango Drive. That places the property in a location convenient to greater Las Vegas and Las Vegas Strip.

Jobs nearby

The community is also located near several important job hubs. It stands 10 minutes from 5 million square feet of Spring Valley Corridor office space, 15 minutes from more than 5 million square feet of McCarran Submarket office space, and about 30 minutes from more than 2 million square feet of Downtown Las Vegas office space.

Residents are 10 minutes from Summerlin’s bustling downtown district, and 7 minutes from McCarran International Airport. A wide range of recreational opportunities can be found nearby, including Spanish Trail Country Club, Wet ‘n’ Wild Las Vegas, Desert Breeze Skate Park and Red Rock Canyon National Conservation Area.

The JLL Capital Markets Investment Sales Advisory team representing the seller was overseen by Managing Directors John Cunningham and Charles Steele. In a prepared statement, Cunningham noted that due to its diverse and expanding economy, the Las Vegas metro continues to lure institutional, qualified investors. Earlier this week, JLL Capital Markets represented Finger Cos. in the sale of a $2 billion portfolio.