Lyon Capital Ventures has acquired its first community in the Las Vegas market, The Gramercy. The 160-unit property traded for the first time since its construction. WGH Partners and Krausz Cos. sold the asset, along with 12.6 acres of development land, for a total of $45.7 million. A team of Berkadia brokers represented the joint venture. According to Yardi Matrix, the transaction was subject to a $27.7 million, 10-year Freddie Mac loan, originated by Berkadia.
The Gramercy is located at 9255 W. Russell Road, in the southwestern part of Spring Valley. The 2015-built community comprises eight studios, 34 one-bedroom, 112 two-bedroom and six three-bedroom units, ranging from 643 to 1,710 square feet. Floorplan configurations include townhouse and loft-style apartments. Common-area amenities include:
- fitness center
- business center
- two swimming pools
- community room
- covered parking
The community will be managed by the new owner’s management arm, Lyon Living, according to data provider Yardi Matrix. The Gramercy is situated adjacent to the Bruce Woodbury Beltway, offering immediate access around the Las Vegas metro. Several shopping and dining destinations are nearby, while The Strip can be reached in about 20 minutes by car. Additionally, the property includes 100,000 square feet of office and retail space.
“This was a tremendous opportunity that Lyon capitalized on before we took the property to market. They plan to renovate the existing apartments and construct a short-term stay hotel as well as new apartments on the adjacent land,” said Vince Norris, managing director at Berkadia, in a prepared statement.
Image courtesy of Yardi Matrix