The development is located on 8.98 acres at 5850 Palmilla St. adjacent to an Aliante master-planned community in North Las Vegas. The 157 units that are for sale--a mix of two-, three- and four-bedroom townhomes with direct access to two-car garages--represent 52.3% control of the homeowner's association.

Palmilla Townhomes was constructed between 2006 and 2007 with 90% of Phase I sold to individual owners and Phase II completed as a rental property," explains LaBar, who is marketing the property with fellow M&M broker Evan Griffith. The bulk of the units (144) are contiguous and housed in 12 buildings in the second phase of the project. The remaining units are spread out in the four buildings included in the first phase.

Palmilla Development Co., the developer was led by Hagai Rapaport, according to Public Records. He reportedly fell behind on loan payments in late 2008 before giving the property back to the lender in lieu of foreclosure. The receiver is Greystar, which is managing the property while also directing the sale. Artesia originated the note and Midland is the master and special sevicer.