LAS VEGAS—The 708-Unit Grand View & Sunwood Village apartment complex in Las Vegas has been sold for for $47.5 to Los Angeles-based investors, Asia Pacific. The property attracted more than 13 offers and closed at an aggressive 5.16% CAP rate. This according to Encino, CA-based Everitt Group at Investment Real Estate Associates (IREA), a national investment real estate advisory firm that helped put the deal together.

Built in three stages in 1981, 1982, and 1985, Grand View & Sunwood Village is a, garden-style, two-story apartment community located in the center of Vegas. The property is situated just off of West Flamingo Road, at the foot of the Palms Casino Resort, three blocks west of the famous Las Vegas Strip. The property was 95% occupied at time of sale. This transaction marks the 2nd largest multifamily deal in Las Vegas and Clark County in 2015 and the 6th largest multifamily deal in Clark County history, according to Fidelity National Title Co. Clark Everitt and William Everitt of The Everitt Group, both senior vice presidents at IREA, represented both the seller, a group of private individuals, financed by two investors out of Beverly Hills, and the buyer, Asia Pacific, a firm that invests capital from mainland China and Taiwan. Both parties are based in Los Angeles.