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HENDERSON, NV-Napa Valley Apartments, a 240-unit class A apartment community here, has changed hands for $31.6 million. Located near Interstate 215 at 1349 W. Horizon Ridge Pkwy., the 15-building, 13-acre property opened in 1998 and is 95% occupied.
The new owner is listed as 1349 Horizon Ridge LP, which lists an address that matches that of RW Selby & Co., a Los Angeles-based multifamily investment firm that is active principally in Southern California and Nevada. Its equity partners include both institutional partners and high-net-worth individuals. In August, RW Selby paid $28.5 million for Rancho Serene Apartments, a 216-unit property in Las Vegas.
The seller is listed as Napa Valley I LLC, which is affiliated with the Bassham Trust. The trust's managing members are listed as Howard W. Bassham and Judith K. Bassham. David Baird of Sperry Van Ness in Las Vegas represented the seller. Baird says the per-unit price represents a new high-water mark for Henderson.
Napa Valley Apartments includes 112 one-bedroom, one-bathroom units; 112 two-bedroom, two-bathroom units; and 16 three-bedroom, two-bathroom units. Monthly rents range from $750 to $1,100. Amenities include outside storage, private balconies and enclosed garages.
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