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Riverview Development Picks up $74M Apartment Complex

LAS VEGAS-The sale represents the largest single multifamily property sold in Las Vegas since 2007.

By Carrie Rossenfeld | Updated on November 08, 2012

LAS VEGAS-S N I P Renaissance LP has sold Renaissance Villas Apartment Community, an 840-unit complex at 5419 W. Tropicana Ave. here, to Riverview Development XVIII LLC for $74,750,000 million. The sale represents the largest single multifamily property to change hands in the Las Vegas market since 2007.

Lloyd Sauter and Patrick Sauter of NAI Sauter Cos. served as investment advisor and broker on the transaction for both the buyer and seller. Patrick Sauter tells GlobeSt.com, “The property was built in 1988, and the buyer’s plan is to continue to manage it as is and benefit from the continuing recovery in Las Vegas.” The class-B property is 95% occupied.

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