Vegas apartments sell for $152 million; highest price in Nevada history
LAS VEGAS — An 896-unit multifamily community has been sold for $152 million, officials said, in a deal that’s reportedly the largest single multifamily asset transaction in Nevada’s history.
Los Angeles-based real estate investment firm TruAmerica Multifamily announced Monday it had acquired the Las Vegas property, Allanza at the Lakes, in a joint venture with an undisclosed “institutional capital partner.”
According to a TruAmerica news release, Allanza is the fourth-largest apartment building in Nevada.
Built in 1986, Allanza at the Lakes features a mix of one-, two- and three-bedroom homes in 56, two-story buildings on a 40-acre site.
Located at 8600 Starboard Drive, the property benefits from a “Main and Main” location in the highly desirable Lakes neighborhood in Summerlin, said TruAmerica Director of Acquisitions Zach Rivas.
“Las Vegas maintains itself as one the lowest income-to-rent ratios MSA’s in the country making renting a very attractive proposition for Las Vegas residents,” Rivas said in a statement. “While rent growth in other markets may be slowing, Las Vegas remains strong.”
Senior Vice President Phillip Weigand and Vice President Thomas Olivetti in Northmarq’s Las Vegas office marketed the property for sale on behalf of the seller.
According to a report from the Las Vegas Review-Journal, listing broker Thomas Olivetti of NorthMarq said his group determined Allanza traded for a record price after searching sales data on commercial real estate sites CoStar and Yardi Matrix.
Olivetti said he’s not aware of any apartment complex in Nevada that has sold for a higher sum, and one reason Allanza fetched so much money was its big tally of apartments.
According to the news release, TruAmerica, which was founded in 2013, now owns approximately 4,000 units in Nevada, making it one of the largest multifamily landlords in the state.
Dr. James Lynch and Joseph Olivarez, PA-C, were two of the first employees of the private practice, according to the release; Dr. Lynch and Olivarez still work together today, along with 140 other employees.