NNC Apartment Ventures Buys Las Vegas Asset for $52M
- Feb 17, 2020
Houston Properties has sold Inspirado in Las Vegas for $52.2 million, following seven years of ownership, according to Yardi Matrix data. NNC Apartment Ventures and The William Walters Co. acquired the 252-unit community. Clark County public records show that Berkadia originated a $30.7 million Freddie Mac acquisition loan, set to mature in 2030.
Located at 6885 W. Lone Mountain Road, the property comprises one- to three-bedroom options with floorplans ranging from 800 to 1,201 square feet. The 14 three-story buildings include amenities such as a pool, clubhouse, playground and a cabana area with a built-in gas grill.
Adjacent to Santa Fe Station Hotel and Casino, the gated community is close to retail and dining venues, and is situated roughly 10 miles north of downtown Las Vegas. Completed in 2011 on a 10-acre site, the asset was 96.8 percent occupied as of January, per Yardi Matrix information.
In late 2019, a partnership between Stockbridge and NNC Apartment Ventures sold The Summit at La Crescenta in Los Angeles. The property commanded roughly $375,000 per unit.