(Read more on the multifamily market.)
HENDERSON, NV-The residential industry has been reeling in many local submarkets, but the sector received a bullish boost recently with two condo-mapped properties finding new owners. The apartment communities sold for a combined $75.4 million.
Diane and Darcy Miramontes of Grubb & Ellis|BRE Commercial San Diego teamed with Grubb & Ellis|Las Vegas on the deals, representing the sellers. The buyers represented themselves.
According to the Miramontes team, the sales revealed "an active and competitive market" for multifamily product. They say there were "24 bids to purchase the properties, requiring the buyers to shorten their contingency timeframes and close quickly."
The properties that sold are: The Crossing at Green Valley Condominiums located at 2312 Green Valley Parkway and the Martinique Bay Condominiums located at 3000 High View Dr.
The buyers were undisclosed, but the sellers were: the Crossing Apartments Las Vegas LLC with WLA Investments Inc. as the managing member for Crossing at Green Valley Condominiums; and Martinique Bay Apartments Las Vegas LP, also with WLA Investments Inc. as managing member for Martinique Bay Condominiums.
Both properties are located within the masterplanned community of Green Valley, with roughly one mile separating them. They're approximately 10 minutes southeast of the Las Vegas Strip.
Located on 15 acres, the 384-unit Crossing at Green Valley property has units ranging from one-bedroom, one-bath at 657 sf to two-bedroom, two-baths at 1,014 sf. Built in 1986, the 330,126-sf property includes two swimming pools and a fitness center among other amenities. The property sold for $43.5 million.
Built in 1989, Martinique Bay includes 256 units on nearly 13 acres. Units range from one-bedroom, two-bath at 1,010 sf to three-bedroom, two-bath at 1,200 sf. The community offers 278,840 sf of rentable space and sold for $31.9 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.
