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Multifamily Asset Sells for $33M

LAS VEGAS-The 409-unit Club at Desert Pines here trades for $33 million one year after it sold for about $20 million.

By Brian K. Miller | Updated on August 28, 2006

(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.

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