The Calida Group Pays $100M for Las Vegas Community
- Mar 07, 2019
The Calida Group has acquired Pointe at Centennial in Las Vegas for $100 million. Shopoff Realty Investments sold the asset after purchasing it in 2016. According to Yardi Matrix, the current sale was also subject to an undisclosed acquisition loan provided by Prudential Financial.
Pointe at Centennial Apartments is located at 5850 Sky Pointe Drive, a few minutes away from the junction of U.S. routes 95 and 215. The community, constructed in two phases between 1996 and 1997, comprises 288 one-bedroom, 304 two-bedroom and 32 three-bedroom units, ranging from 740 to 1,320 square feet. Common-area amenities include:
- fitness center
- business center
- tennis and basketball courts
- swimming pools
- 1,000 parking spaces
Shopoff Realty acquired the asset in 2016 as a value-add investment, for $72.6 million. About 25 percent of the 624 units were renovated, resulting in a 20 percent increase in rents, according to Shopoff Realty CEO William Shopoff. The average monthly rate is around $1,066, according to Yardi Matrix. Pointe at Centennial is situated near multiple small and large retailers, including a Walmart Supercenter, positioned along route 95.
Image via Google Street View