Las Vegas Community Trades for $24M
- Jul 02, 2021
A private investor has sold the 116-unit Crystal Court in Las Vegas for $23.6 million. Avison Young brokered the transaction on behalf of the seller. The buyer financed the acquisition with a loan from Nevada State Bank, public records show.
The deal marks the first time the property has changed hands in 30 years. In June 1991, Great American Capital sold the community for $10 million, Yardi Matrix data shows.
Completed in 1990, the property is located at 900 E. Desert Inn Road. The four-story building has one- and two-bedroom units, with floorplans between 900 and 1,254 square feet. Community amenities include a fitness center, a tennis court, two swimming pools and two spas.
Crystal Court is 2 miles north of the University of Nevada and just west of the Sunrise Hospital and Medical Center. The asset’s location is also within 3 miles of Interstate 15 and the Strip.
The Avison Young team was led by Patrick Sauter, Art Carll-Tangora and Steve Nosrat. The company, having closed more than $9.9 billion in investment sales last year, recently landed a place among the top 10 most powerful brokerage firms in 2021.