Prism Multifamily Buys Las Vegas Portfolio
The four Class A and Class B communities add up to almost 500 units and commanded a price tag of nearly $47 million.
Prism Multifamily Group has acquired a four-property, 480-unit portfolio in Las Vegas from Bridge Investment Group for $46.8 million, according to Yardi Matrix. Bank of America provided $40 million in acquisition financing.
The seller had purchased the four communities in 2017 as part of a larger, 1,777-unit deal valued at $129 million from The Wolff Co. Bridge recently acquired a 561-unit community in Denver for more than $90 million.
The four properties in the Las Vegas portfolio include:
- Prism at Bonanza, 144 units
- Spectrum at Katie, 128 units
- Spectrum at Bonanza, 118 units
- Spectra at Reno, 90 units
Prism and Spectrum at Bonanza are situated in the Las Vegas East submarket, at 4000 and 4521 E. Bonanza Road, approximately 1.5 miles east of Interstate 515 and 3 miles from downtown. The other two communities are located a stone’s throw from the Strip. All four properties include swimming pools, fitness centers and on-site covered parking.
Images courtesy of Yardi Matrix