Berkadia Completes Sale of Two Las Vegas Communities

The two multifamily properties totaling 620 units traded for a combined price of $22.8 million.

by Evelina Croitoru

Sonterra Apartments
Sonterra Apartments

Las VegasBerkadia has announced the sale of two multifamilty properties in Las Vegas for the combined price of $22.8 million. The properties were sold by an undisclosed Houston-based company.

The company acquired Sonterra Apartments, a 350-unit property located at 5050 S. Tamarus St., which offers one-, two- and three-bedroom units. The community features a fitness center, clubhouse, tennis court, two pools and 350 parking stalls, among other amenities. According to Yardi Matrix data, Sonterra Apartments is 95.7 percent occupied. The second purchase was Toscana Villas, a 270-unit property located at 4775 S. Topaz St. The apartment community features one-, two- and three-bedroom units with a clubhouse, tennis court, two swimming pools with a spa and 270 parking stalls.

Both sales were completed by senior directors Brian Anderson and Angela Powers of Berkadia’s Las Vegas office. According to Yardi Matrix data, both assets, together with Majestic Heights Apartments—not included in this deal—traded as a portfolio transaction back in 2015, being purchased for the price tag of $40 million by The Lynd Co.

Image courtesy of Yardi Matrix