Berkadia Closes $57M Sale of Vegas Luxury Apartments

Inland Real Estate Group has acquired The Wyatt, a 308-unit community located on Buffalo Drive.

by Evelina Croitoru

7017 S. Buffalo Drive, Las Vegas
7017 S. Buffalo Drive, Las Vegas

Las VegasBerkadia has announced the $57.2 million sale of The Wyatt, a multifamily property located in Las Vegas. Senior directors Brian Anderson and Angela Powers with Berkadia represented the seller, LV Badura LLC, an affiliate of Nevada West Development, according to YardiMatrix. The property was sold to Inland Real Estate Group and is being managed by WestCorp Management Group.

The community at 7017 South Buffalo Drive consists of 26 two-story buildings, with units featuring stainless steel appliances, ceiling fans, in-unit washer and dryer, and more. The property is in close proximity to the Bruce Woodbury Beltway, being flanked by the Red Rock Canyon National Conservation area to the west and the Last Vegas Strip to the east.

“The Wyatt is a 308-unit luxury apartment property that opened in May of 2015 and leased to market occupancy in just five months; a testament to the growing rental demand in the southwest corridor of I-215 and Buffalo Drive,” Powers said in prepared remarks. “While the merchant-built premier amenities brought initial asking rents of $1.14 per square foot, asking rents have jumped a little less than 10 percent in this short time to already $1.25 per square foot.”

The 14-acre community opened in 2015 and was roughly 96 percent leased at the time of sale.

Image courtesy of YardiMatrix