(To read more on the multifamily market, click here.)

LAS VEGAS-The 409-unit Club at Desert Pines sold last week for the third time in nine years. In the latest transaction, a joint venture of PMHE Real Estate LLC of Marina Del Rey, CA and Paragon ManagementCo. LLC of La Jolla, CA, paid $33 million for the property, which was 95% leased at the time of sale.

The garden-style apartment complex is located at 3700 East Bonanza Rd. The seller, a joint venture of GE Commercial Finance Real Estate and Greystar Real Estate Partners LLC, acquired the property in mid-2005 from Virtu Investments of Scottsdale, AZ, for about $20 million.

At that time, the property was called Island Club Apartments. The GE-Greystar JV says it completed about $2 million in improvements to the property including a physical renovation of the clubhouse, a new fitness center, and enhancements to unit interiors, building exteriors and landscaping.

Virtu Investments acquired the property in 2002 from JTJ Management for $16.6 million. The selling brokers in all three transactions were Carl Sims and Brian Anderson of the Las Vegas office of Hendricks & Partners.

Sims tells GlobeSt.com that when Virtu acquired the complex it suffered from deferred maintenance. Vitru began a renovation but then sold it to the GE-Greystar joint venture, which completed the work and raised occupancy. The newest owners of the property are traditional apartment owners, not condo converters, Sims says.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.