Las Vegas Community Trades for $34M

CBRE provided the buyer of the 216-unit Class B multifamily asset with Freddie Mac acquisition financing.
Hacienda Heights. Image via Google Street View

Allwest Homes has sold Hacienda Heights, a 216-unit Class B community in Las Vegas, to a joint venture between Oak Residential Partners and Rockwell Management for $33.8 million, according to Yardi Matrix. The buyer financed the acquisition with a Freddie Mac loan from CBRE. The new owners selected Pinnacle to oversee property management.

The deal marks Oak Residential’s second acquisition of the year in the metro. In January, the firm paid $19.6 million for a 124-unit asset in Henderson, Nev.

Located at 5145 Rawhide St. in Las Vegas’ Whitney submarket, Hacienda Heights’ nine buildings are alongside Interstate 515, roughly 7 miles east of the Strip. The property is within 2 miles of several retailers including a Walmart. Two bus routes are a short distance from the community, linking the neighborhood with the city’s more central areas.

The community, completed in 2008, has one-, two- and three-bedroom units, with floorplans ranging from 695 to 1,070 square feet. Amenities include a swimming pool, business center, library, Wi-Fi and clubhouse. The property was 97.7 percent occupied in September, according to Yardi Matrix data.