Roxborough Fund Sheds Las Vegas Apartment Portfolio

The fund sold the 1,194-unit apartment portfolio for $137.5 million after it invested $5 million in property upgrades.

A joint venture between Continental Realty Advisors and The Roxborough Group has sold a Las Vegas apartment portfolio through its affiliate Roxborough Fund I, L.P. The portfolio totaled 1,194 units and traded hands for $137.5 million.

The three-property portfolio includes the 440-unit Stonegate Apartments, the 402-unit Loma Vista Apartments, and the 352-unit Viridian Palms. All of the properties were built in the early 1990s.

The ownership invested $5 million in capital improvements into the properties, and positioned the properties for full interior renovation repair, offering some upside to the buyer.

Recommended Stories