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S-J Management Entering Vegas Apartment Market

LAS VEGAS-The Seattle-based real estate investment firm, which plans to accumulate 2,500 units in the region, is buying Augusta Apartments, a 272-unit class A apartment property here that is 95% leased.

By Brian K. Miller | Updated on October 05, 2006

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

LAS VEGAS-Sunvest Communities of Hallandale, FL has a buyer for the 272-unit Augusta Apartments here at $38.95 million. The soon-to-be new owner of the 95% leased, class A apartment property is S-J Management, a Seattle-based real estate investment firm that is making its inaugural investment in the market. Company CEO Michael Sauter tells GlobeSt.com the company already has a 4,000-unit apartment portfolio in the Phoenix area and plans to build a Vegas portfolio totaling at least 2,500 units.

Completed in 2000, Augusta Apartments is a gated community located at 10175 Spencer St. in Henderson. The city sits immediately southeast of Las Vegas and is the state’s second largest city. The sale is expected to close by the end of the month.

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