Search
 

Berger Takes Henderson Apartments

LAS VEGAS-Berger's Valley Residential Properties acquires the 272-unit Copper Hills at Whitney Ranch apartment complex here for $32.9 million.

By Brian K. Miller | Updated on March 19, 2008

LAS VEGAS-Valley Residential Properties, led by Marty Berger of New York City-based Artisan Real Estate Ventures, has acquired Copper Hills at Whitney Ranch apartment complex in Henderson. The 272-unit property at 981 Whitney Ranch Dr. was divided into individual condominium units by the seller but will continue to be operated as an apartment complex by Valley Residential Properties, which acquired the asset via VRP Copper Hills LLC.

Copper Hills is Valley Residential’s first Vegas-area apartment acquisition since early 2007, when it acquired 1,032 apartment units in four metro-area garden-style apartment complexes for approximately $120 million. The properties were Meadow Ridge, a 232-unit property located near the intersection of Tropicana Avenue and Decatur Boulevard; Bayshore Club, a 144-unit complex a few blocks from Meadow Ridge; Spanish Oaks, a 216-unit asset located on South Valley View Boulevard, north of West Sahara Avenue; and Summerhill Villas, a 440-unit property on the eastern border of Summerlin at 2150 North Tenaya.

Spence Ballif and Jeff Swinger of CB Richard Ellis Las Vegas had the disposition assignment for Copper Hills. The seller was an entity of Steven Hartunian. Ballif tells GlobeSt.com that apartment complexes mapped for condos in the Henderson market are pretty hard to find. The cap rate–based on the trailing 90 days and pro forma expenses that have been adjusted for tax consequences–was 5.35%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.