Compass Acquisition Partners has acquired Sandpiper Apartments in Las Vegas from Apple Management for $66 million. The property has 488 apartment units over 61 two-story buildings.
Compass plans to invest $7.5 million in an extensive program of capital improvements. Currently, units are in the process of being renovated. Compass is expanding the scope of the updates to include modernized kitchens with stainless steel appliances, refreshed cabinets and stone counters and wood-style plank flooring throughout.
Las Vegas is a target market for Compass, which has a portfolio of approximately $2 billion of multifamily and retail assets located in select markets along the West Coast, Colorado and Wyoming.
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Kelsi Maree Borland
