Abacus Capital Sells Vegas Apartments for $36M
- Aug 05, 2019
Haven Realty Capital has purchased The Quinn, a 237-unit Class B community in Las Vegas, from Abacus Capital Group for $35.7 million, according to Clark County public records. Newmark Knight Frank secured Freddie Mac acquisition financing through Berkeley Point Capital. The seller bought the asset from Chatwood Management in July 2017 for $24 million, or $101,266 per unit, Yardi Matrix data shows.
Located at 5500 Mountain Vista St. alongside the Great Basin Highway, The Quinn is 9 miles southeast of downtown Las Vegas. Several retail and dining options as well as a self-storage facility are within a mile of the community. The property is in the proximity of two multifamily assets which changed hands for $140 million in July.
The Quinn, previously known as Sterling Court, opened in 1991. The property contains a mix of one- and two-bedroom units, with floorplan configurations ranging from 740 to 1,090 square feet. Amenities include a business center, a swimming pool and spa, common-area Wi-Fi and a clubhouse. In June, the community was 97.9 percent occupied, per Yardi Matrix data.