By Evelyn Jozsa
Marcus & Millichap sold two Las Vegas multifamily assets for $39.3 million. The properties are Las Palmas, a 394-unit apartment community, and The Rubix, which features 236 fully furnished studios. Michael Shaffner and Michael LaBar, both first vice presidents investments, arranged the transactions.
“Consistent job growth is driving strong demand for local apartments,” said Shaffner in prepared remarks. “Strength in the labor market has reduced unemployment to below 5 percent for the first time in a decade, prompting considerably tight market conditions.” Las Vegas is among the top ten markets that have experienced occupancy growth in the last year.
Constructed in 1974, La Palmas is situated at 3550 Paradise Road on a 13-acre site across the street from the Wynn. The new owner plans interior and exterior upgrades.
The Rubix apartments was built in 2009, and was acquired with tax-exempt bond financing. The new ownership’s strategy will focus on an expanded HUD-Veterans Affairs program that will help veterans and their families find and sustain permanent housing. The property is located at 5300 E. Craig Road on about 8 acres, near Nellis Air Force Base, Amazon, Hyperloop, Bed Bath & Beyond, Fanatics and the Las Vegas Motor Speedway.
Image courtesy of Marcus & Millichap