The property, which has a tennis court, a pool and a gym, is currently known as Summerlin Entrada and was previously known as Mountain Springs. Clark County Property records indicate the lender was CWCapital LLC and the seller was the 2006 buyer, a JV of Mountain Springs Investors LLC and 1701 Rock Springs LLC, whose members are executives of R.W. Selby & Co., a Los Angeles-based multifamily investment firm. The new owner is the Leo and Emma Zuckerman Trust.

While the price was low, the cap rate also was low, 5.5% on a trailing-three-month basis and 6.1% on a trailing 12-month basis, using $4,200 per unit in expenses, according to the announcement. The property reportedly suffered from cash flow problems, both from its capital structure and the market downturn, that resulting in occupancy deteriorating to 65% by the time all sale contingencies had been removed, which is significantly lower than the market 's average occupancy.

"Additional challenges facing any purchaser on this asset were certain contract terms required by the lender, the need of immediate capital infusion, and the lack of available financing which created the need for an all-cash purchase," states the Bentley Group announcement. "Despite the challenges the buyer will be able to not only benefit from the stabilization of the property, but will be able reap the benefits of Las Vegas' eventual but certain rebound."