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Colony Buys Apartment Asset From Sentinel

LAS VEGAS-Sentinel Real Estate Corp. sells the 368-unit Mesa Club Apartments in Henderson to Colony Realty Capital for $43.8 million.

By Brian K. Miller | Updated on May 23, 2007

(Read more on the multifamily market.)

LAS VEGAS-The 368-unit Mesa Club Apartments in Henderson has changed hands for $43.8 million. The new owner is Colony Realty Partners. The seller, Sentinel Real Estate Corp., acquired the property in 1990 for $16.2 million.

The complex, located on Mountain Vista Street in Henderson, was built in 1989. One of the brokers in the deal, Jeff Swinger of CB Richard Ellis tells GlobeSt.com the two-story garden-style complex drew 19 offers and sold at a cap rate in the mid-to-upper 4% range based on trailing numbers. Swinger brokered the deal in partnership with Spence Ballif, also with CBRE.

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