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GE JV Buys Two Apartment Complexes for $85M

LAS VEGAS-The two properties, which contain 896 units, are located on the west side of the city in the Lakes area. The plan is to stabilize the assets, make modest upgrades and retrade the asset within three years.

By Brian K. Miller | Updated on September 25, 2005

LAS VEGAS-In partnership with Empire Properties or Los Angeles, GE Commercial Finance Real Estate has acquired 896 units in two apartment complexes in the Lakes area on the West side of the city for $85 million. The names of the properties are Sunset Breeze and Sunrise Meadows.

Christian Garner, western region manager for GECFRE’s Partners Group, tells GlobeSt.com the properties were built in the mid 1980s and are currently 88% leased on average. The acquisition is a value-add play, with the upside in renovation and leasing, he says. “Lease up to stabilization and sell within the next three years,” says Garner when asked about his investment strategy for the asset. Garner says the properties do not have a condo map on them. Las Vegas records show a tenantive map was approved by the planning commission on May 12. The applicants were Lake East LLC and Starboard LLC. The approval requires the final map to be applied for within two years.

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