Western Wealth Buys Las Vegas Apartments for $39M

San Michele Apartment Homes last sold in late 2015 for $13.4 million.
San Michele Apartment Homes

Haven Realty Capital has sold San Michele Apartment Homes, a 216-unit multifamily asset in Las Vegas, for $38.8 million, according to records filed with Clark County. The buyer, Western Wealth Capital, financed the acquisition with a loan from Bridge Investment Group.

The Class B asset last changed hands in December 2015, Yardi Matrix data shows, when Haven paid $13.4 million to buy the community from Fannie Mae. The GSE had been holding the property following a foreclosure action in late 2013.

Located at 5800 W. Lake Mead Blvd., the 1997-built community has a mix of one- and two-bedroom units, with floorplans ranging from 686 to 886 square feet. Property amenities include a swimming pool, a fitness center, barbecue areas and covered parking. Haven Realty had invested in capital improvements during its ownership tenure.

San Michele, some 6 miles northwest of downtown Las Vegas, is next to a neighborhood retail center in a dense residential area 1 mile east of U.S. Highway 95.

Western Wealth has made a number of major Sun Belt investments during the past year. Since September, the buyer has acquired more than 3,000 units, with the bulk of its activity centralized in Phoenix. In December, the investor paid $54 million for a 316-unit asset north of downtown.