JLL Finalizes $52M Sin City Sale
- Dec 08, 2016
by Evelina Croitoru
Las Vegas—JLL Capital Markets has completed the sale of Loft 5, a luxury multifamily asset located in Las Vegas. The company worked on behalf of DK Loft 5 LLC to acquire the property, which Loft 5 LLC sold for $51.5 million.
“Loft 5 presented an opportunity to capture two different segments of the improving Las Vegas housing market: the rental and the sales market. This is a truly unique asset that includes luxury finishes and a sought-after lifestyle, positioning this asset to capture the continued growth of Las Vegas’ residential market,” said JLL EVP John Cunningham, in prepared remarks.
Located at 2715 W. Pebble Road, the 241-unit property features one-, two- and three-bedroom units with luxury community amenities, including a fitness center clubhouse, four pools with six spas and 337 parking stalls, among others. Situated off I-15, less than 15 minutes away from the Las Vegas Strip, Loft 5 offers convenient access to 15 of the world’s 25 largest hotels.
Cunningham and SVP Charles Steele led the JLL team on this transaction. According to Yardi Matrix data, the property traded for $48 million back in December 2013, when it was acquired by KRE Capital.
Image courtesy of JLL