Wilshire Unlimited Enters Vegas Market With $21M Buy
The company will apply a value-add strategy to the community, which is in need of upgrades and currently has 16 units down due to deferred maintenance.
Wilshire Unlimited has acquired the 280-unit Sandpebble Village in Las Vegas for $21.1 million. A team of Berkadia brokers represented the private seller in the transaction. According to Yardi Matrix, the deal was subject to a $17.5 million loan, held by Prime Finance Partners.
Sandpebble Village is located at 4480 Sirius Ave., in a residential district, approximately three miles northwest of the Strip. The community comprises 62 studios, 68 one-bedroom, 114 two-bedroom and 36 three-bedroom units, ranging from 643 to 1,105 square feet. The 19 buildings feature pitched, composition shingle roofs and private patios or balconies. Common area amenities include:
- swimming pool
- five laundry facilities
- 700 covered parking spaces
The neighborhood surrounding Sandpebble Village features several schools, as well as a plethora of shopping and dining destinations along Spring Mountain Road. Interstate 15 can be reached in minutes, while Decatur Boulevard offers public transit options.
Value-add business plan
The Las Vegas multifamily market is currently in a strong recovery, with population and rents steadily rising. Employment is also gaining momentum, with a 2.9 percent gain last year and about 11,000 new jobs in construction alone. Multiple large developments are currently underway in the Vegas metro, expected to add several thousands more job opportunities.
Wilshire Unlimited plans to cash in on the metro’s rapid recovery with a value-add plan. Stonepebble Village, originally constructed in 1980, currently has deferred maintenance, including 16 down units. New ownership will improve the property. In addition to improving the down units, Wilshire will also upgrade the amenity package, adding a fitness center, barbecue area, dog park, additional lighting and a CCTV system.
Image courtesy of Yardi Matrix