Studio Management Services Acquires Las Vegas Properties
Laurel Park Apartments and Villa Del Rio Apartments sold for a total of $54 million.
Studio Management Services Inc. has acquired Laurel Park Apartments and Villa Del Rio Apartments, both located in Las Vegas. Sauter Multifamily Advisors represented the seller in both transactions.
Laurel Park Apartments, a 245-unit apartment community at 5272 Tamarus St., was sold by Omninet Newport Services Inc. in a $32 million transaction, representing $133,333 per unit. Villa Del Rio Apartments, a 168-unit apartment community at 3800 S. Nellis Blvd., was sold by Omninet Rio LP for $22 million, or $130,952 per unit.
READ ALSO: Las Vegas Demand Keeps Up
Laurel Park Apartments was built in 1982 and was 94.3 percent occupied at the time of sale. All 245 apartments are two-bedroom, two-bath floorplans measuring 1,200 square feet in size. Apartments feature vaulted ceilings, fireplaces, in-unit washer-dryers and high-speed Internet access. Among leading amenities are three swimming pools.
Villa Del Rio was built in 1990 and had a 93.5 percent occupancy at the time of the sale. The property features 48 one-bedroom units, 104 two-bedroom apartments and 16 three-bedroom residences. Units range from 657 to 1,230 square feet in size. Apartments feature balconies or patios, semi-private entrances, in-unit washers and dryers, high-speed Internet and outside storage.
“The Sauter Multifamily Team placed the property on the market for repositioning, using a low ‘going in’ cap rate and underwriting to a stabilized one-year pro forma to establish value,” Art Carll-Tangora, Sauter Multifamily Team senior partner, told Multihousing News. “Within the first 10 days, we received multiple offers and were able to select a qualified buyer who performed within stringent terms.”
“Las Vegas continues to lead the nation as one of the most desirable locations to purchase alike or stabilized assets,” Tangora said. “The challenge comes in finding these true value-add assets in order to satisfy investor demand and capital.”