(Read more on the multifamily market.)
LAS VEGAS-The Sunrise Meadows apartment complex here recently changed hands for nearly $103 million. The 896-unit, 28-building complex sits on 20 acres off W. Sahara Ave. in the Lakes community, 10 miles west of the Las Vegas Strip.
The new ownership is a tenancy-in-common group arranged by Terrence Bean of Bean Investment Real Estate, a Portland, OR-based private investment and brokerage company that specializes in placing private equity in institutional quality multifamily properties. The TIC is comprised of 25 individual investors whose stakes in the property range from 1.3% to 16.2%.
Sunrise Meadows was developed in the 1980s as Anchor Village. Located at 8600 Starboard Dr., the complex also has been known as La Tierra. The seller, listed as Lake Starboard Partners LLC, but believed to be an affiliate of GE Real Estate, acquired the property in 2003 for $46 million.
Bean Investment Real Estate currently controls some 10,000 units in Oregon, Nevada, New Mexico, Arizona and Washington. Terry Bean tells GlobeSt.com he plans to continue operating the property as apartments but will map it for a condo conversion and invest an additional $8 million in property upgrades.
In April another apartment community in the Lakes community changed hands. Principal Real Estate Investors and JB Matteson Institutional Capital Partners LLC jointly paid $39 million for Reflections at the Lakes, a 326-unit multifamily property. The seller was an LLC managed by Matteson Real Estate Equities Inc. that acquired the asset in 2004 for approximately $23 million.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
