Las Vegas Asset Commands $41M
- Jul 21, 2021
InTrust Property Group has acquired Atlas Apartment Homes, a 198-unit community in Las Vegas, for $41.3 million from Angelo Gordon & Co., according to Yardi Matrix data. The asset last traded in 2018, when it commanded $27.3 million.
CBRE secured acquisition financing for InTrust, the $35.3 million three-year loan being provided by LoanCore Capital. The bridge loan, which includes two one-year extension options, will also provide capital for the buyer to renovate the common areas and unit interiors.
Located at 5067 Madre Mesa Drive, the community includes one- and two-bedroom apartments with floorplans ranging from 643 to 1,081 square feet. Atlas Apartment Homes encompasses 26 garden-style buildings that came online in 2008. The community features a business center, clubhouse, swimming pool, sundeck, spa, barbecue with picnic area and dog park.
Atlas Apartment Homes is less than a mile from North Las Vegas Airport and 6 miles northwest of downtown Las Vegas.
The CBRE team securing the loan included Shaun Moothart, Bob Ybarra, Dana Summers, Bruce Francis and Doug Birrell.
Earlier in July, less than 2 miles away, San Michele Apartment Homes traded for $38.8 million. Haven Realty Capital sold the 216-unit community built in 1997.