Southeast Las Vegas Community Sells for $20M

Seller AllPro Capital acquired the 128-unit property for $9.7 million from 3D Investments in 2017.
Toscana Apartments

AllPro Capital has finalized the disposition of Toscana Apartments, a 128-unit community in Las Vegas. A private investor acquired the property for $19.6 million, according to Clark County records. The asset last traded in 2017, when 3D Investments sold it for $9.7 million, Yardi Matrix shows.

Located on 7 acres at 4550 Karen Ave., the community has 16 two-story buildings completed in 1994. The unit mix has 80 two-bedroom, 930-square-foot units and 48 three-bedroom, 1,047-square-foot apartments. Amenities include a gym, swimming pool, clubhouse, playground, business center and laundry facility.

Situated close to the retail corridor along South Nellis Boulevard, the property is 2 miles from Interstate 515. The site is 5 miles southeast of downtown Las Vegas and 7 miles northeast of McCarran International Airport. Additionally, the community is within 3 miles of two 18-hole golf courses.

In March, 3D Investments completed the $22 million sale of Las Brisas de Cheyenne, a 176-unit community in North Las Vegas. MDC Realty Advisors purchased the property, backed by a $13.5 million Freddie Mac loan which matures in 2027.