Pacifica Cos. Pays $27M for Las Vegas Community
- Jan 13, 2021
Pacifica Cos. has finalized the $27 million acquisition of Pinehurst, a 195-unit community in Las Vegas. Goodrich Capital sold the property, according to Clark County records. The asset is a partially converted condominium property encompassing a total of 360 units: 195 apartments are rentals and the remaining 165 units are held by individual owners, Yardi Matrix data shows.
Located on an 18-acre parcel at 6650 W. Warm Springs Road, the property comprises 24 two-story buildings completed in 2001. The unit mix has one-, two- and three-bedroom floorplans ranging from 700 to 1,156 square feet. Community amenities include two swimming pools, a gym, a spa, a clubhouse and a business center.
The site is proximate to The Arroyo Market Square, a 940,000-square-foot shopping center owned by Laurich Properties. Additionally, the community is 7 miles east of McCarran International Airport and 14 miles southeast of downtown Las Vegas.
In November 2019, Pacifica Cos. sold Brannon Park, a 299-unit community in Greensboro, N.C. Willow Creek Partners purchased the Class B property for $16.9 million in an off-market transaction.