Las Vegas Multifamily Wrap-Up – May 2020
- Jun 04, 2020
Las Vegas’ multifamily market continued to move at a slow pace through May, following a sluggish April. Both landlords and renters waited for normal activity to resume in a city severely hit by furloughs and layoffs since the early days of the coronavirus pandemic. However, even with casinos slated to open their doors at the start of June, the future remains unclear for the metro’s economy. While multifamily investment remained muted, a few notable transactions closed, as some investors focused on securing advantageous financing or buying affordable housing communities. Here’s our May list of Las Vegas must-knows:
1. FINANCING – Walker & Dunlop refinances East Vegas portfolio.
Prism Multifamily Group received $38.4 million through Freddie Mac for three multifamily properties totaling 390 units, according to Yardi Matrix data. The seven-year financing package retired $40 million in acquisition loans from 2018. The 144-unit Spectra at 4000 is close to the 118-unit Spectra East on East Bonanza Road, while the 128-unit Spectrum at Katie is at 1601 E. Katie Ave. All three properties opened in 1990.
2. DEAL – JV makes $18 million Henderson buy.
Bulldog Partners sold the 120-unit, affordable Highland Village to a partnership between Horizon Development Consulting and Nevada HAND, Yardi Matrix shows. Nevada Housing Division provided the buyer with a $21.2 million acquisition and development loan through Freddie Mac, due to mature in 2037. Located at 301 Taylor St. in an opportunity zone, the 1983-built property has two- and three-bedroom apartments in 18 two-story buildings. Amenities include a swimming pool, a playground and covered parking.
3. DEAL – North Las Vegas manufactured home community changes hands.
Bedrock Group sold Greenspot MH Village to Lakeshore Management, according to Clark County records. The all-age mobile home park traded for $2 million. Located at 2537 N. Las Vegas Blvd., the property is some 5 miles northeast of downtown and 9 miles from the Strip. The surrounding area has various shopping, dining and entertainment options.