674 Apartments Trade Hands for $39.5M

LAS VEGAS-Two apartment properties here totaling 674 units have changed hands for $39.5 million.

The 321-unit Rancho Del Norte at 770 West Lone Mountain in North Las Vegas was acquired by the James P. Hanson Accountancy Corporation for $19.32 million. The seller was Rancho Del Norte Ltd. The property, located near Interstate 15, includes a mix of two- and three-bedroom units that were 95% leased at the time of sale. The age of the 21-building property was not immediately available. Common-area amenities include a gym, recreation room and private swimming pool.

In the other transaction, the 24-building, 353-unit Decatur Villas at 3318 Decatur Boulevard was acquired by LV Decatur LLC for $20.18 million. The seller was Tucson Partners Inc. Built in 1998, the wood-frame and stucco property was 95% leased at the time of sale. The 19-acre property features two- and three-bedroom units as well as a gym, recreation room and private swimming pool.