Vegas Assets Trade for $115M
LivCor purchased Broadstone Flamingo West and Broadstone Talavera, which comprise a total of 674 units and are located in the eastern part of the metropolitan area.
By Beata Lorincz
A joint venture between Alliance Residential Co. and AEW Capital Management disposed of two multifamily properties located in the Las Vegas area. LivCor purchased the portfolio, composed of Broadstone Talavera and Broadstone Flamingo West, for $115 million. JLL’s Capital Markets team led by Vice Presidents John Cunningham and Charles Steele, represented the seller.
“The portfolio offered investors well-maintained, ideally located assets with value-add potential,” said Cunningham, in prepared remarks. “This transaction demonstrates further institutional investment into the Las Vegas Metro market fueled by economic and employment growth.”
Both assets are located on the western outskirt of Las Vegas, close to Red Rock Canyon. Broadstone Talavera includes 350 units, two pools, a fitness center and a spa. The property, situated eight miles from the Las Vegas Strip, is adjacent to a retail complex, which includes amenities like a cinema and restaurants.
Broadstone Flamingo West, located roughly seven miles from McCarran International Airport and 2.4 miles from the Talavera site, comprises 324 residential units, a fitness center, two pools and a dog park. According to Yardi Matrix data, Flamingo West includes one-, two- and three-bedroom units and had a 95 percent occupancy rate in November 2017.
Image courtesy of JLL