Trending Multifamily News
This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., and This email address is being protected from spambots. You need JavaScript enabled to view it.,of Northcap Commercial Multifamily, are pleased to announce the recent sales of Casa Bonita Apartments and Valley Vista Apartments for $7,150,000 ($99,305/unit). This sale consisted of 72 multifamily units built in 2004, located at 1411 N. 23rdStreet and 2930 Mountain Vista Street in Las Vegas, Nevada. This was a portfolio sale which consisted of two separate parcels being sold at the same time.
This all-cash transaction was completed in eleven days, closing on October 29, 2018. Northcap Commercial Multifamily represented the Seller (iA Financial Group) in this transaction.
For additional information, please contact:
Devin Lee, CCIM
Northcap Multifamily
This email address is being protected from spambots. You need JavaScript enabled to view it.
(702) 943-1901
1127 S. Rancho Drive
Las Vegas, NV 89102
Northcap is a Las Vegas-based, international real estate companyfocused on acquisition, brokerage and property management. Founded by John Tippins, the company offers an array of services extending into residential and commercial property management, sales and advisory roles. As a brokerage, Northcap’s team has closed on nearly $3 billion in transactions. Northcap is a premier real estate operator that holds the distinction of being named to Forbes Travel Guide. Northcap is also actively involved in their home community with the Downtown Las Vegas Alliance, Fremont Street East Entertainment District, the City of Las Vegas, the UNLV College of Business Board, UNLV Advisory Board and Helping Hands of Vegas Valley.
This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., and This email address is being protected from spambots. You need JavaScript enabled to view it. of Northcap Commercial Multifamily, are pleased to announce the recent sale of Swenson Apartments for $4,350,000 ($58,784/unit). This sale consisted of 74 multifamily units built in 1972, located at 3850 Daisy Street in Las Vegas, Nevada.
This off-market transaction closed on October 10, 2018. Northcap Multifamily represented the Sellers (Lee Forman and Kenneth Friedman).
NORTHCAP COMMERCIAL DIRECTS $60.3 MILLION LAS VEGAS MULTIFAMILY ACQUISITION
· Westland Real Estate Group acquired two properties totaling 1,129 units, bringing its national multifamily holdings to more than 15,000 units
Las Vegas, Nev. (October 1, 2018)– NorthcapCommercial, a Las Vegas-based real estate company focused on investment sales, acquisitions, and property management, has directed the $60.3 million acquisition of a two-property multifamily portfolio encompassing 1,129 units in Las Vegas, Nevada on behalf of the buyer, California-based Westland Real Estate Group.
“This is a banner transaction for the Las Vegas market, completed at a deeply competitive price-per-unit,” says Robin Willett, Senior VP of Multifamily Investments for Northcap, who led the transaction along with Northcap’s Director of Multifamily Investments, Devin Lee.
“The market offers tremendous investment potential for sophisticated owners, such as Westland, who have the wherewithal to take advantage of deals like this,” continues Willett. “While Las Vegas was initially slower to recover than many other cities, it is now one of the nation’s strongest in rent growth, attracting U.S. and global investors seeking opportunities in a thriving location with rapid job growth and rising demand for housing.”
Westland recognized this opportunity early in the cycle and began to acquire multifamily properties in the Las Vegas market beginning in 2010. Today, the firm is one of the largest owners of multifamily product in Southern Nevada with nearly 10,000 units under ownership in the region.
“This portfolio encompasses two well-appointed properties that are poised for strong value creation,” says Avi Shtern, Vice President of Investments for Westland Real Estate Group. “By implementing strategic improvements at both the property and operational level, we will be able to improve the quality of life for residents within these communities while also strengthening NOI, resulting in strong, well-performing investments for the long-term.”
The properties, Liberty Village Apartments and Village Square Apartments, are located in a residential area directly across the street from Nellis Air Force Base and the CSN Cheyenne Campus, minutes from some of the community's most popular shopping, entertainment and dining establishments. Both properties are three miles from Interstate Route 15, providing easy access to nearby employment hubs throughout Las Vegas.
Both communities offer one-, two-, and three-bedroom floor plans with modern amenities including updated kitchens, air conditioning, Roman bathtubs, private balconies and patios, dog parks, mature landscaping, covered parking, tennis courts and swimming pools.
Liberty Village is located at 4870 Nellisoasis Lane, and Village Square is located at 5025 Nellisoasis Lane, both in Las Vegas, Nevada.
Spence Ballif with CBRE represented the seller, Shamrock Properties VI LLC and Shamrock Properties VII LLC, in the transaction.
About Northcap Commercial
The Northcap Commercial Multifamily Division is ranked as one of the largest multi-housing groups on the west coast delivering a collaborate history of over 100 years in commercial real estate expertise throughout the greater Las Vegas area. Over the past 10 years, Northcap’s Multifamily partners have closed over 800 transactions exceeding 50,000 units valued in excess of $3.5 Billion. Northcap’s services include investment brokerage, acquisition, disposition, asset management, land analysis, site selection, development, joint venture opportunities, asset repositioning, condo conversion, financing, private equity and government relations. More information is available at www.northcap.com.
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This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it., and This email address is being protected from spambots. You need JavaScript enabled to view it.,of Northcap Commercial Multifamily, are pleased to announce the recent sale of Tara Vista Apartments for $4,307,000 ($76,910/unit). This sale consisted of 56 multifamily units built in 1963, located at 3883, 3931, 3979 Tara Ave in Las Vegas, Nevada.
This off-market transaction closed on August 24, 2018. Northcap Multifamily represented the Buyer (Westland Tara Vista, LLC).
For additional information, please contact:
Robin Willett
Northcap Multifamily
This email address is being protected from spambots. You need JavaScript enabled to view it.
(702) 943-1903
1127 S. Rancho Drive
Las Vegas, NV 89102
Northcap is a Las Vegas-based, international real estate companyfocused on acquisition, brokerage and property management. Founded by John Tippins, the company offers an array of services extending into residential and commercial property management, sales and advisory roles. As a brokerage, Northcap’s team has closed on nearly $3 billion in transactions. Northcap is a premier real estate operator that holds the distinction of being named to Forbes Travel Guide. Northcap is also actively involved in their home community with the Downtown Las Vegas Alliance, Fremont Street East Entertainment District, the City of Las Vegas, the UNLV College of Business Board, UNLV Advisory Board and Helping Hands of Vegas Valley.
This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it.,This email address is being protected from spambots. You need JavaScript enabled to view it., and This email address is being protected from spambots. You need JavaScript enabled to view it.,of Northcap Commercial Multifamily, are pleased to announce the recent sale of Merlayne Villas Apartments for $2,800,000 ($87,500/unit). This sale consisted of 32 multifamily units built in 1994, located at 409-417 E. Merlayne Drive in Henderson, Nevada.
This off-market transaction closed on August 23, 2018. Northcap Multifamily represented the Seller (HKAS, Ltd.).
For additional information, please contact:
Devin Lee, CCIM
Northcap Multifamily
This email address is being protected from spambots. You need JavaScript enabled to view it.
(702) 943-1901
1127 S. Rancho Drive
Las Vegas, NV 89102
Northcap is a Las Vegas-based, international real estate companyfocused on acquisition, brokerage and property management. Founded by John Tippins, the company offers an array of services extending into residential and commercial property management, sales and advisory roles. As a brokerage, Northcap’s team has closed on nearly $3 billion in transactions. Northcap is a premier real estate operator that holds the distinction of being named to Forbes Travel Guide. Northcap is also actively involved in their home community with the Downtown Las Vegas Alliance, Fremont Street East Entertainment District, the City of Las Vegas, the UNLV College of Business Board, UNLV Advisory Board and Helping Hands of Vegas Valley.
This email address is being protected from spambots. You need JavaScript enabled to view it., This email address is being protected from spambots. You need JavaScript enabled to view it.,This email address is being protected from spambots. You need JavaScript enabled to view it., and This email address is being protected from spambots. You need JavaScript enabled to view it.,of Northcap Commercial Multifamily, are pleased to announce the recent sale of Desert Manor, a mixed-use investment located on an entire city block for $11,525,000. This sale consisted of 191 multifamily units; 6,364 square feet of retail space; and .89 acres of land built in 1979, located at 629 S. Main Street in Las Vegas, Nevada.
“When we sold our apartment building in Downtown Las Vegas, Devin Lee and the Northcap Multifamily team did two things for us. First, through extensive marketing efforts, he and his team drummed up a great deal of interest in our property in a short time. This translated into a very rewarding sales price for our non-traditional asset. Second, Devin’s peaceful temperament and consistent follow-up set everyone’s mind at ease every step of the way, ensuring a smooth transaction. As a Seller, what more could I want? When It comes time to sell my next Las Vegas apartment property, it will be listed with Devin Lee and the Northcap Multifamily team.”
-Jonathan Kermani, World Investment Network
This transaction closed on August 8, 2018. Northcap Multifamily represented the Seller (1060 Broadway, LLC).
For additional information, please contact:
Devin Lee, CCIM
Northcap Multifamily
This email address is being protected from spambots. You need JavaScript enabled to view it.
(702) 943-1901
1127 S. Rancho Drive
Las Vegas, NV 89102
Northcap is a Las Vegas-based, international real estate companyfocused on acquisition, brokerage and property management. Founded by John Tippins, the company offers an array of services extending into residential and commercial property management, sales and advisory roles. As a brokerage, Northcap’s team has closed on nearly $3 billion in transactions. Northcap is a premier real estate operator that holds the distinction of being named to Forbes Travel Guide. Northcap is also actively involved in their home community with the Downtown Las Vegas Alliance, Fremont Street East Entertainment District, the City of Las Vegas, the UNLV College of Business Board, UNLV Advisory Board and Helping Hands of Vegas Valley.
