Investment Concepts Pays $18M for Las Vegas Luxury Asset
- Nov 13, 2019
Real Capital Solutions has exited the Las Vegas multifamily market with its $18 million disposition of Echelon at Centennial Hills, a 62-unit luxury community, according to Yardi Matrix. Arbor Realty Trust provided the new owner, Investment Concepts, with $13.5 million in acquisition financing through Fannie Mae.
The deal ranks as the highest per-unit transaction closed in Las Vegas this year, at nearly $290,000 per unit. The average per-unit sale price across the metro’s 65 multifamily transactions in 2019 stood at just shy of $150,000, per Yardi Matrix data.
Located at 9051 Echelon Point Drive, 13 miles northwest of downtown Las Vegas, the property is next door to another multifamily asset, which 29th Street Capital acquired for $38.8 million at the start of the year. Echelon at Centennial Hills is alongside the Bruce Woodbury Beltway and a stone’s throw from the Durango Drive retail corridor.
The community, completed in 2008, is home to a mix of one- to four-bedroom apartments in a single, four-story building on 1.3 acres. Floorplans range from 1,064 to 2,108 square feet, with two penthouse units of 4,164 square feet. Property amenities include a swimming pool, underground parking, a fitness center and a clubhouse. Yardi Matrix shows the asset was 98.4 percent occupied in September.