Berkadia Facilitates $15M Vegas Sale
- Oct 19, 2017
Westland Hacienda Hills acquired the 248-unit community known as Desert Palms North Apartments. The deal was brokered by Berkadia’s Senior Directors Angela Powers and Brian Anderson, on behalf of Desert Palms LP. The property traded for $15 million, a 5.2 percent cap rate at $77 per square foot. This is the second apartment community deal brokered by Berkadia in Las Vegas this month.
The property is situated at 1001 E. Carey Ave. in North Las Vegas. Built in 1992, it features 52 one-bedroom, 147 two-bedroom and 49 three-bedroom units, with sizes ranging from 520 to 975 square feet. The community is within close proximity to the North Las Vegas Boulevard, with its retailers, groceries and restaurants. Quannah McCall Elementary School and Jim Bridger Middle School are a few minutes away. North Vista Hospital is only a mile away, as is College Park Shopping Center, a Wells Fargo Bank and other employment opportunities.
According to Yardi Matrix data, the average monthly rent is $648. The property became subject to a loan in the amount of $6.1 million, funded by Fannie Mae in 2015. The seven-year loan bears interest at a rate of 3.1 percent per annum, due June 2022.
Image courtesy of Berkadia