Marcus & Millichap Arranges $7.1M Multifamily Las Vegas Sale
The selling price equates to more than $45,500 per unit.
By Alex Lopez, Associate Editor
Las Vegas–Commercial real estate firm Marcus & Millichap has facilitated the sale of Park Vista in Las Vegas, a 156-unit property which sold for $7.1 million.
Park Vista was built in 1984 on 6.3 acres at 1001 N. Pecos Road. The selling price equates to more than $45,500 per unit. The stylish apartments feature vinyl flooring, ceiling fans and electric ranges. The community amenities include a swimming pool and spa equipped with WiFi connectivity, a business center for events, and a picnic area with grills and a dog park.
Hamid Panahi, vice president of investments in the Phoenix office, and Joshua Jordan, associate in the Vegas office, represented the seller, a Southern California-based private equity real estate investment firm. They also procured the buyer, Westland Real Estate Group.
“The transaction is the fourth and finale sale in the disposition of the 938-unit Las Vegas4 Portfolio, which sold for a total of 47.7 million,” said Panahi.
The other three properties in the portfolio included the Villas at DesertPointe, Lake Sahara and Arvilla Park.
Photo courtesy of Marcus & Millichap.