Las Vegas Multifamily Wrap-Up – November 2020

Milburn & Co. makes $48 million disposition. Buff Management refinances CMBS loan. Read our November list of Las Vegas must-knows.
The Villas at 6300. Image via Google Street View

While Nevada continues to face high COVID-19 infection rates, authorities are attempting to contain the spread without imposing another lockdown. The future of the state’s economy remains uncertain, but the Las Vegas multifamily sector did not grind to a halt over the past month. On the transactions side, investors showed continued interest in stabilized assets. Additionally, both mortgage brokerage companies and government-sponsored enterprises provided funds for portfolio expansions and recapitalizations. Here’s our November selection of Las Vegas must-reads:

1. DEAL – Milburn & Co. sells 280-unit community.

Benedict Canyon Equities acquired The Villas at 6300 for $48 million. Capital One originated a 10-year, $35.9 million Freddie Mac acquisition loan, Yardi Matrix data shows. Located on 14 acres at 6300 W.  Lake Mead Blvd., the property encompasses 19 two-story buildings completed in 1996. The unit mix has one- to three-bedroom floorplans ranging between 766 and 1,199 square feet. Amenities include a pool, tennis and volleyball courts, a gym and a spa.

2. FINANCING – Buff Management receives $13.1 million refinancing package.

Berkadia provided the 10-year Freddie Mac senior note for Catalina Gardens, a 177-unit property. The new mortgage retires a $7.7 million CMBS loan held by Wells Fargo. HFF originated the debt for the owner in 2016, according to Yardi Matrix. The 11-building community opened in 1984 and occupies 14 acres at 6363 Clarice Drive. The unit mix provides one-, two- and three-bedroom apartments with sizes between 650 and 1,102 square feet.

3. DEAL – Next Wave Investors trades 72-unit asset for $15 million.

Investment Concepts purchased Bella Vida, a Class A property, according to Clark County records. Arbor Realty Trust originated a $9.8 million Fannie Mae loan for the acquisition. The note carries a 2.94 percent fixed interest rate over a 12-year term. Located on 3 acres at 1111 S. Cimarron Road, the nine-building community was completed in 1996. Amenities include a swimming pool and a fitness studio. In August, Next Wave Investors sold another Las Vegas community for 21.5 million to Benedict Canyon Equities.