Oak Residential Acquires 2nd Asset in Las Vegas
- Jan 29, 2019
Oak Residential Partners has acquired a 124-unit community in Henderson, Nev. The property, Madison at Black Mountain, is Oak Residential’s second purchase in metro Las Vegas. The seller was Madison Residential, who bought the asset in 2017 for $14 million, according to Yardi Matrix.
Madison at Black Mountain is located at 640 E. Horizon Drive, approximately 3 miles from downtown Henderson. The garden-style community comprises 34 one-bedroom, 74 two-bedroom and 16 three-bedroom units, ranging from 720 to 1,155 square feet. Previous ownership implemented renovations to the community’s amenity package. This includes:
- fitness center
- swimming pool
- storage space
- barbecue and picnic areas
- 248 parking spaces
According to data provided by Yardi Matrix, the property was 98 percent occupied as of December 2018, while monthly rents averaged $1,065. More than a dozen restaurants and retailers are located within walking distance from Madison at Black Mountain, as are mass transit options and parks. Interstate 515 is situated 3 miles away.
“Nevada continues to perform as one of the fastest-growing job markets in the nation, which has spurred a wave of rental housing demand throughout the metro. Migratory patterns have demonstrated that people are attracted to Las Vegas’ diversified economy and lower cost of living,” said Eytan Peer, vice president of acquisitions at Oak Residential, in a prepared statement.
Image courtesy of Oak Residential Partners