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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.
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