Triforb Acquires Former Hotel-Casino for Condo Conversion

LAS VEGAS-High-rise residential developer Tiforb Development Corp. acquired the Algiers Hotel and Casino here for $27 million with plans to replace it with a 44-story luxury condominium tower named Krystle Sands. Construction is planned to start September 2004 with occupancy in May 2006. The property is located at 2845 South Las Vegas Blvd. on the north end of the strip. The area is about to undergo a dramatic change. Nearby, Majestic Resorts is preparing to replace the La Concha Motel with a 42-story luxury condo tower and Donald Trump plans a 64-story, $300-million hotel and condo tower across from the recently renovated Fashion Show Mall. Krystle Sands will include 44,000 sf of retail and restaurant space fronting Las Vegas Boulevard on the first and second floors. There also will be a 6,000- to 14,000-sf penthouse restaurant space available, according to NAI Horizon in Las Vegas, which brokered the transaction. The specific broker involved in the transaction did not return a phone call seeking further comment. In other Vegas news, Sterling American Property recently announced that it completed a $65.7-million sale of three multifamily assets, the Waterford Park Apartments, located at 9325 W. Desert Inn Rd. in the Spring Valley section; Rockmeadow, at 3145 E. Flamingo Rd. in the Paradise section; and Antigua Bay, at 2200 Club Pacific Way in the Sunrise Manor section. The assets are two-story, garden-style apartments, and both Waterford Park and Rockmeadow are private gated communities. All three offer two- and three-bedroom units ranging up to 1,200 sf, and are fully appointed with modern kitchens and individual washers and dryers. All the properties have lagoon-style pools and spas for residents. The average monthly rental rate is $890 per unit.The Waterford and Rockmeadow properties were sold to Pacifica Properties of San Diego, who plans to convert the apartments into condominiums. The Antigua Bay property was sold to Newport Beach, CA-based WLA Properties. Spencer Ballif and Jeff Swinger of CB Richard Ellis’ local office represented Sterling American Property. Pacifica negotiated directly with Sterling American in the transaction, and WLA Properties was advised by Darcy and Diane Miramontes of Grubb & Ellis/BRE Commercial. Also in July, Sovereign Capital Management acquired the 312-unit Rancho Viejo Apartments in Las Vegas for $28.9 million, or $92,542 per unit. The complex, located at 7885 W. Flamingo Rd., traded at a 7.3% cap rate, according to Marcus & Millichap Real Estate Investment Brokerage Co., which brokered the deal.