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61-Building Apartment Complex Sells for $28M

LAS VEGAS-A California private investor acquires the 488-unit Sandpiper Apartments here from Rayman Associates Nevada LP. The property, built in 1987, is located about three miles west of The Strip.

By Brian K. Miller | Updated on October 07, 2003

LAS VEGAS-Sandpiper Apartments, a 61-building, 488-unit gated apartment community here has traded hands for $27.9 million. Located about three miles west of The Strip at 4650 Oakey Blvd., the property was 96% leased at the time of sale.

California-based private investors Mordechai and Linda Bensamochan acquired the property from Rayman Associates Nevada LP for a combination of cash and assumed debt. Sperry Van Ness-Las Vegas brokers David Stubbs and Jeff Pori represented the buyer. Jon Clark of The Sauter Companies represented the seller.

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