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Priced REO Property Comes to Market

LAS VEGAS-The list price for the unsold units at Palmilla Townhomes development in North Las Vegas, a condo and apartment project, equates to $43 per square foot. The call for offers is Dec. 4.

By Brian K. Miller | Updated on November 20, 2009

LAS VEGAS-The 157 unsold units at the 300-unit Palmilla Townhomes development in North Las Vegas are on the market for $10.55 million, which represents $67,197 per unit and $43 per square foot. The receiver, Greystar, hired Marcus & Millichap to handle the disposition. One of the listing brokers,Michael LaBar, a director of M&M’s National Multi Housing Group, tells GlobeSt.com the deadline for offers is Dec. 4.

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.

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