Praedium Group Acquires South Blvd. Apartments in Las Vegas

New York-based Praedium Group acquires a 320-unit Class A community in Las Vegas for $41.9 million. The 2012-built asset was 93 percent leased at the time of sale.

South Blvd ApartmentsLas Vegas—New York-based Praedium Group has acquired South Blvd. Apartments, a 320-unit Class A community located in Las Vegas. The $41.9 million purchase of the property from Nevada West Development marks the company’s first acquisition through its newest investment vehicle.

“South Blvd. Apartments is one of the highest quality multifamily assets in a market that is in the early stages of a recovery,” says Asim Hamid, vice president of The Praedium Group. “We were able to acquire the property at an attractive price after a protracted sales process during which two previous buyers failed to close.”

The property, which is currently 93 percent leased, is located at 10200 Giles Street in Las Vegas, about seven miles south of McCarran International Airport and a 10 minute drive to the Las Vegas Strip.

“Las Vegas has struggled since the downturn, but recently there has been a resurgence of job creation in the area,” Hamid says. “We found the supply/demand fundamentals in this market appealing and studies are projecting above average rent growth over the next several years, making it a prime area for investment.”

South Blvd. Apartments was completed in 2012 and is comprised of 29, two-story buildings with an assortment of large floor-plan offerings. Residences feature nine-foot high ceilings, granite countertops, stainless steel appliances and in-unit washers and dryers.  Amenities include a clubhouse and fitness center, as well as a swimming pool, a courtyard with barbecue areas, a movie theater with stadium seating, and gated garage parking.

The community is located within close proximity to the nearly completed interchange at Interstate 15 and Cactus Boulevard.