SB Real Estate Partners has made its foray into the Las Vegas apartment market with the purchase of The Russell Apartments for $67 million. The property is a 241-unit garden-style apartment community in West Las Vegas. It was 98% leased at the time of purchase.

SB Real Estate Partners will execute a value-add business plan on the property with plans to invest an additional $2 million in capital and re-brand the property Portola on Russell. The renovation plans include interior unit upgrades as well as improvements to the common areas and the building exterior.

Located at 9620 W. Russell Road, the property has a mix of one-, two- and three-bedroom units along with an impressive amenity package that includes a resort-style pool area with a pool-side cabana, barbecue grills, lounge seating areas, a fitness center, dog park, playground, sand volleyball court and a putting green. Once the renovations are complete, the investor expects the property will be competitive with high-quality buildings in the area but at a below-market rents.