Las Vegas Rental Property Trades for $52M

NorthMarq Capital provided the buyer, Bluerock Real Estate, with nearly $34 million in financing for the acquisition of the 320-unit Class B asset.
The Sanctuary. Image via Google Maps

Sunroad Enterprises has sold The Sanctuary, a 320-unit community in Las Vegas, to Bluerock Real Estate for $51.8 million, according to Yardi Matrix. NorthMarq Capital provided the buyer with $33.7 million in Fannie Mae acquisition financing. The Class B multifamily asset last changed hands in December 2017, when Prime Group sold it for $36.4 million.

Located at 2200 N. Torrey Pines Drive, the community is approximately 7 miles northwest of downtown Las Vegas, accessible via U.S. Highway 95 or nearby public transportation. Several retail properties are within 2 miles of the community, including the 437,000-square-foot Best in the West Shopping Center, which is home to several national chains.

The Sanctuary has a mix of one-, two- and three-bedroom units, with floorplans of 700 to 1,100 square feet. Community amenities include two swimming pools, a spa, a racquetball court, a basketball court and a clubhouse. The new owner has selected Pinnacle to oversee operations; previously, Avenue5 Residential handled property management. In June, the property was 94.4 percent occupied, Yardi Matrix data shows.

The Las Vegas Central submarket has seen its share of recent sales, with nearly 2,500 units changing hands in the past 12 months. In May, TruAmerica Multifamily partnered with Blackstone Group to acquire 368 units less than a mile from The Sanctuary as part of a larger, $97 million portfolio deal.