Las Vegas Rental Property Changes Hands
- Sep 24, 2019
Element Property Co., a Marina Del Rey, Calif.,-based real estate investment firm, has acquired the 324-unit Alpine Village community in Las Vegas for $36 million, or $132 per square foot.
Managing Director Brian Anderson and Associate Director Jared Glover of Berkadia’s Las Vegas office completed the sale on behalf of the seller, a California-based private investor. Yardi Matrix identified the seller at Dimitry Piterman, who had owned the property at 901 Brush St. since October 2016 when he acquired it from ConAm for approximately $25.3 million. ConAm had owned the asset since 1982 when it paid $10.1 million, according to Yardi Matrix.
At the time of the sale this month, Element assumed the outstanding balance of a $19.2 million loan held by Freddie Mac originally dated Oct. 24, 2016, Yardi Matrix reported. The loan is due Nov. 1, 2026.
Glover said in a prepared statement that Element is planning about $4 million in renovations at the 1977-built property. The asset, which has one-, two- and three-bedroom floorplans, has about 99.7 percent occupancy. Rents range from $735 to $1,234 with an average of $834, according to Yardi Matrix.
The units have air conditioning, large closets and private patios and balconies. Community amenities include a clubhouse, business center, fitness center, indoor spa, playground, soccer field, pool and laundry facilities.
Glover noted that the property is in close proximity to strong employment centers including the College of Southern Nevada and the recently expanded Medical District. Alpine Village is also near Springs Preserve, Rotary Park and shops and restaurants along West Charleston Boulevard.
Element focuses on workforce multifamily housing in markets with strong blue-collar, middle-class job growth. It targets multifamily properties with 150 to 500 units in Class B, B+ and C+ locations and repositions them. Target locations included primary and secondary markets across the West, Pacific Northwest, Southwest, Midwest, South and Southeast. Current assets include at least three properties in Tucson, Ariz.; one in Oro Valley, Ariz.; and four in Dallas.
In December, Berkadia’s Anderson and his colleague Angela Powers represented The Apartment Co. in the sale of Evergreen Apartments in Las Vegas for $29.5 million. The 314-unit multifamily project at 2950 Decatur Blvd. was acquired by a joint venture of Tower 16 Capital Partners and Henley USA.