Southwest Las Vegas Community Sells for $105M
- Jan 03, 2020
A joint venture between RSE Capital Partners and Interwest Capital Group has acquired the 376-unit EVO Apartments in Las Vegas for $104.5 million, according to public records. Seller and developer Joseph Sorge opened the Class A community in August 2018, according to Yardi Matrix, and obtained a $55 million refinancing loan later that year. NorthMarq Capital provided acquisition financing to the buyer through Freddie Mac.
Located at 8760 W. Patrick Lane some 12 miles southwest of downtown Las Vegas, EVO’s 24 two-story buildings are near the Bruce Woodbury Beltway. The asset is next door to Mountains Edge Hospital and within 2 miles of two major retail corridors. A public bus route near the property links the community 8 miles east to the Strip.
The community’s units range from one- to three-bedroom apartments, with floorplans between 635 and 1,459 square feet. Property amenities include a 24-hour fitness center, business center, dog park and indoor basketball court. In November, the asset was 93.9 percent occupied, per data from Yardi Matrix.
Las Vegas has become an attractive destination for multifamily investment dollars: In 2019, transactions exceeded $3 billion, an increase of nearly 35 percent over the previous year and the highest annual volume ever recorded in the market. In June, TruAmerica Multifamily bought an 896-unit property in the largest single-asset transaction in the state’s history.