Turner Impact Capital Pays $52M for Las Vegas Community
- Dec 09, 2019
Jackson Square Properties has sold Portola del Sol, a 350-unit Class B community in Las Vegas, to Turner Impact Capital for $52 million, according to Yardi Matrix. Walker & Dunlop provided the buyer with acquisition financing through Fannie Mae, per public records. The asset last changed hands in late 2005, when MHE Real Estate traded the property for $27.4 million.
Following the deal, the new owner’s Vegas portfolio comprises 1,138 units in four of the metro’s submarkets. Turner Impact Capital has purchased six communities in five metros totaling 2,418 units this year, Yardi Matrix shows, including a 659-unit Houston asset which traded in June.
Portola del Sol is located at 1915 Simmons St., 4 miles northwest of downtown Las Vegas. Completed in 1999, the 26-building community features units ranging from one to three bedrooms, with floorplans between 621 and 1,104 square feet. Amenities include a fitness center, swimming pool, playground and picnic area. In October, the asset was 95.1 percent occupied, per data from Yardi Matrix, putting it in line with the market average of 95 percent.
The property is connected to the city center via nearby public transportation routes and State Route 599. The area within a mile of the asset is home to a variety of retailers, including a Walmart Supercenter and cinema.