Las Vegas Property Changes Hands for $41M
- Jul 06, 2021
The Edmond at Hacienda, a 170-unit community in Las Vegas, has changed hands for $40.7 million. The seller was TruAmerica Multifamily, according to Yardi Matrix data. Sauter Multifamily Group at Avison Young represented the company.
Previously dubbed The Willows at Spring Valley Ranch, the asset last traded in 2017 when TruAmerica acquired it from Aukum Group for $24 million, the same data provider shows.
Located at 5280 W. Hacienda Ave., The Edmond at Hacienda was built in 1998. Featuring a mix of one- to three-bedroom units, the community comprises 16 two-story buildings. Amenities include a fitness center, a clubhouse, two swimming pools, two spas and a dog park.
The property is close to a variety of dining, shopping and entertainment venues, with McCarran International Airport approximately three miles southeast. The brokerage team included Patrick Sauter, Art Carll-Tangora and Steve Nosrat.
According to a recent Yardi Matrix report on Las Vegas’ multifamily sector, the market’s proximity to California metros and its relatively affordable status helped it withstand the challenges of the pandemic. Continued in-migration also resulted in heightened demand and an increase in occupancy rates in stabilized properties.
Although transaction activity lost steam due to last year’s economic volatility, several factors are pointing to a promising forecast. The long-awaited opening of Resorts World Las Vegas and other casinos, and venues hosting trade shows and leisure activities are expected to have a positive impact on one of the metro’s linchpins—the entertainment sector.