Vegas Community Trades for $14M
- Apr 30, 2019
A private investor has acquired the Paradise Square Apartments, a 146-unit Class C community in Las Vegas, for $14.2 million from Strategic Realty Capital, according to Yardi Matrix. Berkadia provided the buyer with $10.3 million in acquisition financing through Freddie Mac. The loan matures in 2029.
Strategic Realty purchased the community from GE Capital in May 2010 in a $10.6 million, 475-unit portfolio transaction. The deal followed a 2009 foreclosure on an $8.6 million mortgage taken by National Commercial Ventures.
Located at 4801 Harrison Drive in the Paradise Valley East submarket, the community’s buildings are situated within 6 miles of downtown Las Vegas. The property is a short distance from the Tropicana Avenue retail corridor, with nearby bus routes connecting the asset to the wider metro.
Constructed in 1980, the property contains a mix of studio and one-, two- and three-bedroom apartments, with floorplans between 410 and 1,100 square feet. Community amenities include two swimming pools, three laundry facilities and covered parking. The asset was 97.3 percent occupied in March, per data from Yardi Matrix.
Earlier in April, a 63-unit community changed hands for $14 million 3 miles to the west. Continental Realty Advisors, the buyer of the asset, financed the acquisition with a Freddie Mac loan provided by HFF.