(Read more on the multifamily market.)
LAS VEGAS-A 402-unit apartment property here has changed hands for $42 million. American Properties Development of Seattle sold the National Commercial Ventures of Los Angeles.
Built in 1998 at 1200 W. Cheyenne Ave. in North Las Vegas, the property has a high percentage of two- and three-bedroom units. The weighted average unit size is 991 sf and the weighted average rent is $890.
The lead broker in the deal, Peter Katz of Marcus & Millichap, tells GlobeSt.com that the cap rate on in-place 2007 income is sub 5%, a figure the new owner thinks it can increase fairly quickly. Current rents are estimated to be between 10% and 15% below market, he says.
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