Berkadia Completes $31M Vegas Sale
- Apr 27, 2018
Berkadia has completed the sale of Desert Ridge Apartments, a garden-style multifamily property in Las Vegas. The $30.75 transaction saw Berkadia work on behalf of seller Sundance Bay of Salt Lake City. The buyer was San Rafael, Calif.-based OpenPath Investments LLC.
“Desert Ridge is situated at the base of Sunrise Mountain, as far east as one can go in the Valley,” Angela Powers, Berkadia senior director, told MHN. “Most buyers would immediately pass, but OpenPath understood the property’s immense opportunity.
“Because of its location, there exists only one competing property within a mile radius. Additionally, the Department of Transportation’s work around the future development of Interstate 11 has identified three possible routes, and one of these routes would virtually drop the interstate nearby the entrance of Desert Ridge, potentially increasing drive-by traffic by tens of thousands.”
Near Lake Mead, Vegas Strip
The 304-unit, 28-year-old property is located at 7055 E. Lake Mead Blvd. and includes one- and two-bedroom apartments averaging 850 square feet in size. Apartments feature walk-in closets, ceiling fans and private balconies or patios, with garden tubs and vaulted ceilings available in select floor plans.
Common-area amenities include two swimming pools, a fitness center, a business center, a dog park, a clubhouse, a racquetball court and a playground. The location puts residents within minutes of Lake Mead National Recreation Area and the Las Vegas Strip.
Powers and Managing Director Brian Anderson completed the sale on behalf of the seller, Sundance Bay, which is a real estate private equity firm specializing in multifamily investing, net lease investing and debt lending nationwide.
“Our success is not only determined by the returns we generate but by the communities we improve,” Sundance Bay director of asset management, marketing and communications Craig Romney said.
Concluded Powers, “This was an off-market opportunity for the buyer who will continue the same mission as the seller, [to] enhance the lives of tenants by improving interior and outdoor living spaces.”