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Miami Family Picks Up Vegas Asset for $50M

HENDERSON, NV-In an off-market deal, the Kislak family acquires the 420-unit Montego Bay Apartments from Terry Bean of Portland, OR.

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

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

HENDERSON, NV-The 420-unit Montego Bay Apartments here have changed hands for $50.1 million in an off-market transaction. The Kislak family of Miami acquired the complex from Terry Bean of Portland, OR. Located at 1050 Whitney Ranch Dr., the property is 95% leased and will be managed in-house.

Stephen Braun, a senior vice president with J. I. Kislak Inc., tells GlobeSt.com that an additional $650,000 will be invested in upgrades to the property. He envisions Montego Bay as a long-term hold, which would be between seven and 10 years, but says it could easily be sold sooner or held longer depending on the market.

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