Carlyle Group JV Buys Vegas Apartments for $87M
- Feb 25, 2019
Picerne Real Estate Group has sold the Mosaic Apartments, a 456-unit Class A community in Las Vegas, for $87.1 million, according to Yardi Matrix. The buyer—a joint venture between The Carlyle Group and The Calida Group—secured Freddie Mac acquisition financing through CBRE for the purchase. The luxury asset last sold in October 2010, when Fairfield Residential traded the property for $46.6 million.
Located at 6355 S. Riley St. in the city’s Spring Valley West submarket, the seven three- and four-story buildings are situated just inside the Bruce Woodbury Beltway. A number of shopping and dining options are a stone’s throw away, and Southern Hills Hospital is approximately 1 mile west.
Mosaic contains a mix of one- and two-bedroom apartments, and unit floorplans range from 753 to 1,288 square feet. Amenities include a business center, a swimming pool, covered parking, a 24-hour fitness center and a clubhouse. As of January, the asset was 93.9 percent occupied, per Yardi Matrix data.
In March 2018, PCCP provided The Calida Group with a $24.1 million acquisition and development loan to finance the purchase of a 180-unit asset in the metro’s Summerlin-Spring Valley submarket, situated approximately 4 miles from Mosaic.
Image courtesy of Yardi Matrix