Waypoint Residential Trades Vegas Student Housing

The buyer funded the $23 million acquisition of the 156-unit asset with more than $12 million in CMBS financing originated by Wells Fargo.
Rebel Place. Image via Google Street View

The Preiss Co. has acquired Rebel Place, a 156-unit student housing property in Las Vegas, for $23 million from Waypoint Residential, according to Yardi Matrix. Wells Fargo provided the new owner with $12.6 million in CMBS acquisition financing. The loan has a seven-year term and bears a fixed interest rate of 4.55 percent.

The seller purchased the asset in April 2017 from Blue Vista Capital for $17.5 million. The new owner will manage the property directly. The previous owner had enlisted Peak Campus to oversee the community’s operations.

Located at 3896 Swenson St. in the Las Vegas Strip submarket, the community’s three four-story buildings are within a mile of the University of Nevada, Las Vegas. A large variety of shopping and dining options are a stone’s throw away, and an on-site bus stop connects the area with the wider metro.

Opened in 2010, the property contains a mix of two- to four-bedroom units. Community amenities include a game room, a business center and tanning beds.