Las Vegas Luxury Property Sells for $63M
Green Leaf Capital Partners acquired Volare Apartment Homes, a garden-style, Class A property. As of May 2017, the community was 91 percent occupied.
By Evelina Croitoru
Green Leaf Capital Partners acquired Volaré Apartment Homes, a 360-unit Class A apartment community in Las Vegas, for $63 million, according to Yardi Matrix. JLL’s Capital Markets team brokered the sale, with Vice Presidents John Cunningham and Charles Steele working on behalf of the seller, a joint venture between Fore Property Co., The Strand Corp. and DG Development Corp.Â
Resurgence in Vegas market
Located at 10695 Dean Martin Drive, just off Interstate 15, the property offers a mix of studio, one-, two- and three-bedroom floor plans ranging in size from 568 to 1,465 square feet. Units feature wood-plank flooring, fireplaces, storage units, stainless steel appliances, granite countertops and full-size washers and dryers. Community amenities include two swimming pools with spas, a fitness center, a clubhouse, a restaurant-grade kitchen, an outdoor lounge patio with fireplace and TV and an outdoor kitchen. Volaré reached a 90.6 percent occupancy rate as of May 2017, according to Yardi Matrix.
“Investors were drawn by the premier amenities Volaré offers as well as its accessibility to major employment centers. Las Vegas continues to see a resurgence in the multifamily market, especially for high-end assets,” Cunningham said.
Images courtesy of Yardi Matrix
