Blackstone Pays $58M for NV Community

The new owner has selected Pinnacle to oversee management operations at the 368-unit Class A asset in the Las Vegas Central submarket.
Vintage Pointe Apartments.
Vintage Pointe Apartments. Image courtesy of Yardi Matrix

A joint venture between InterCapital Partners and Citymark Capital has sold the Vintage Pointe Apartments, a 368-unit Class A community in Las Vegas, to Blackstone Group for $58 million, according to Yardi Matrix. This acquisition marks the buyer’s second major deal in the metro, following a nearly $160 million portfolio transaction in April.

The buyer enlisted Pinnacle to oversee property management functions. Previously, DayRise Residential managed the community.

Located at 6500 Vegas Drive in the Las Vegas Central submarket, the community’s 47 buildings are roughly 6 miles west of downtown, a short distance from U.S. Highway 95. The property is within a mile of three retail centers and an adjacent bus stop connects the area with the rest of the city.

Built in 1994, the garden-style community includes one- and two-bedroom units. The pet-friendly asset provides amenities including a racquetball court, an outdoor kitchen, two swimming pools and a dog park. As of March, the property was 95.4 percent occupied, per data from Yardi Matrix.