Las Vegas—Pathfinder Partners, LLC has acquired the 39 remaining, unsold condominiums within Park House, a three-story, 83-unit luxury condominium community in Las Vegas for $7.7 million, from a private equity investment firm.
“It was a very attractive, well-located, highly amentized project with quality floor plans and overall appeal,” Lorne Polger, Pathfinder Partners’ senior managing director, told MHN. “It was an off market, bulk buy in a healing market, and it was the right size—too small for institutions, too large for a private investor.”
Located at 8925 West Flamingo Road, the property was originally acquired by the private equity investment firm in 2010, completed construction in 2012 and sold 40 condos over the past three years.
Situated on four acres, the property is located east of I-215 at Durango and West Flamingo Road—with mountain views to the west and strip views to the east—and is conveniently situated near downtown Summerlin with easy access to the Las Vegas strip, Summerlin and Red Rock Casino & Resort.
“This submarket has shown tremendous improvement over the last few years,” Polger said. “With the completion of downtown Summerlin and the new development that is occurring in the submarket, we think that it is poised for continued significant improvement.”
Park House features expansive one-, two- and three-bedroom floorplans ranging from 1,130 to 2,490 square feet. The condos also feature high-end finishes and fixtures including stainless steel appliances, travertine countertops, 10-foot ceilings, washer/dryer and a patio or balcony.
Amenities include swimming pools, a Jacuzzi, a two-story fitness facility, an expansive clubhouse, media room and a secure parking garage. The community also offers strip and mountain views.
“We plan to update and improve condominium units prior to sale,” Polger said. “We anticipate a $15,000 to $20,000 unit remodel.”
The acquisition marks Pathfinder’s second Las Vegas acquisition, following last September’s acquisition of 64 units in Sky Las Vegas, a 42-story, 409-unit luxury condominium community on the north end of the Las Vegas strip.