SB Real Estate Partners has purchased its second multifamily community in Las Vegas, the 256-unit St. Croix, for $73.1 million, in an off-market transaction. Cushman & Wakefield brokered the sale on behalf of the seller, Strata Equity, while Berkadia arranged joint venture equity.
The asset last changed hands in 2013, when the now-seller bought it for $18.7 million, according to Yardi Matrix data. The property’s price has since then increased nearly fourfold. The new owner plans to inject $4 million to upgrade the property, which will be rebranded as Portola West Vegas.
Built in 1988, the 21-building garden-style community offers a mix of one- and two-bedroom floorplans, ranging from 730 to 1,032 square feet, according to Yardi Matrix data. Community amenities currently include two spas, a pool, a fitness center, laundry facilities and 260 parking spaces. SB Real Estate plans to improve the interiors as well as the exteriors to increase the competitiveness of the property.
Located at 6661 Silverstream Ave., the community is nearly 7 miles west of downtown Las Vegas. MountainView hospital is less than 4 miles north, while Ed Fountain Park is 3 miles northeast. North Las Vegas Airport is some 4 miles northeast of the property. Several shopping, dining and entertainment options are available within a 1-mile radius.
Focused on Las Vegas
The company plans to invest an additional $300 million in the Las Vegas metro over the next 12 months, SB Real Estate Founder & Managing Principal Srijin Bandyopadhyay mentioned in a prepared statement. The firm’s first investment in the market was last month, with the acquisition of the 241-unit Russell Apartments, which has been rebranded as Portola on Russell.
The Las Vegas Cushman & Wakefield Multifamily Advisory Group included Taylor Sims, Carl Sims and Brady Cleary. Meanwhile, Berkadia’s JV Equity & Structured Capital team included Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick.