Western Wealth Pays $31M for Las Vegas Asset
- Aug 11, 2021
Western Wealth Capital has acquired Sedona Ridge Apartment Homes, a 144-unit community in Las Vegas. According to Clark County records, the buyer paid $31.3 million to Haven Realty Capital for the value-add property.
Bridge Investment Group provided acquisition financing for Western Wealth Capital. The lender also recently secured funding for the company’s first purchase in the metro, San Michele Apartment Homes, coincidentally from the same seller. Haven Realty sold the 216-unit property in July, for $38.8 million.
According to Yardi Matrix, Sedona Ridge last traded in 2017, when the current seller paid $16.3 million for the community.
While Haven Realty partially rehabilitated the property, the new owner plans to further update the community through capital investments that also focus on upgrading unit interiors.
Located at 4975 Dunevile St., the Class B property provides one-, two- and three-bedroom apartments with floorplans ranging from 840 to 1,175 square feet. The 1989-built community has 12 three-story buildings across a more than 5-acre site.
Sedona Ridge includes a business center, a fitness center, a swimming pool and spa, a picnic area with barbecue, multiple laundry facilities, a cyber cafe, a children’s play area and a game room. The pet-friendly community also offers a pet park.
The property is roughly 10 miles southwest of downtown Las Vegas. The community is within walking distance of several shopping and dining options along the Tropicana Avenue retail corridor, less than a mile from Charlie Frias Park and approximately 5 miles west of McCarran International Airport. Sedona Ridge is within 3 miles of the newly built Allegiant Stadium, a $2 billion project that is anticipated to bring 6,000 jobs to the area.
The transaction marks Western Wealth Capital’s 102nd multifamily acquisition. Las Vegas’ strong year-over-year rent growth and population expansion are prompting the company to continue expanding its footprint in the metro, said Jay O’Connor, WWC’s Senior Director of Acquisitions, in a prepared statement.