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Universe Holdings Buys Into Vegas Apartment Market

LAS VEGAS-A Southern California-based company with 3,000 units in its home state makes its inaugural purchase here, with a $40-million buy.

By Brian K. Miller | Updated on September 23, 2006

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

LAS VEGAS-Universe Holdings Development Co. LLC has paid $40 million for the 344-unit Broadstone Sunrise Mountain Apartment Homes located four miles east of Downtown Las Vegas. The Beverly Hills, CA-based company owns 3,000-units in Southern California but is making its inaugural investment in Las Vegas. The seller was a joint venture led by Blackrock Realty Advisors, a publicly held investment management firm.

Universal Holdings CEO Henry Manoucheri tells GlobeSt.com the company would like to work its way up to 2,000 units over the next year or so. “We’ve been studying the market for nine or 10 months now and just now jumped in,” he says.

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