Pat Sauter, Art Carll-Tangora, and Antone Brazill, CCIM, the Multifamily Team at NAI Vegas was exclusively retained by the buyers to facilitate the acquisition of the Foothill Village Apartments in Las Vegas, Nevada.

Now being re-branded to “Altura on Tropicana”, this 512 unit multifamily community was acquired off-market. The seller, Greenberg Traurig LLP, set expectations high, and NAI Vegas’ Multifamily Group was able to demonstrate the potential upsides of this property to the buyers.

The Buyers, Tower 16 Partners in conjunction with Henley USA, wanted to re-brand this property to Altura on Tropicana to show the entire Las Vegas market that Foothill Village is now under new ownership. This property was made more desireable to the buyers due to its significant value-add upside opportunity and highly desired location.

The Spring Valley sub-market of Las Vegas, where Foothill Village Apartments are located, experienced a 6.6% rent growth over the past year while retaining over 95% occupancy. These stats speak volumes to the Las Vegas Market that saw an increase with over 29,000 jobs added over the last year and a population increase of over 47,000 residents.

The Las Vegas market is extremely dynamic. The product for the price was a great deal in comparison to the same product in LA, Phoenix and other neighboring markets.

"Art and the NAI Team did an amazing job assisting us with the acquisition of Foothill Village. They know the Las Vegas market very well and were able to plug us into the deal on an off-market basis which created tremendous value for us."

Tyler Pruett, Tower 16 Capital

“Art and the NAI Team did an amazing job assisting us with the acquisition of Foothill Village. They know the Las Vegas market very well and were able to plug us into the deal on an off-market basis which created tremendous value for us.” Stated Tyler Pruett of Tower 16 Capital.

“The Las Vegas multifamily market continues to preform well above historic levels and draw a plethora of investor interest that includes an abundance of intuitional, syndicated and private capital. The competition from buyers is as fierce as we have ever seen it since the mid 2000’s.” Pat Sauter, Managing Partner at NAI Vegas stated, “Across the valley we are seeing property operations performing well with rent increase pressures due to high occupancies, historically low supply of new units and very low concessions. We are seeing investors of all class levels offer aggressive pricing and terms that include shorter due diligence periods, larger non-refundable deposits followed by a quick close time. The market continues to be heated as buyers compete for fewer quality properties.

For Additional information about Foothill Village Apartments aka Altura on Tropicana, Click Here 

Patrick Sauter, Advisor & Multifamily Specialist

Patrick Sauter is the managing partner and principal of NAI Vegas. He specializes in investment sales and also oversees all company operations. Since joining the company in 1998, he has been instrumental in the sale of over $2 billion dollars worth of real estate. He is also active in community and civic affairs.

Mr. Sauter currently serves on the board of the non-profit development company, Nevada H.A.N.D., and is a past board member of the Southern Nevada YMCA. He is a member of the Southern Nevada Multi-Family Association, the Nevada Development Association and the Las Vegas Chamber of Commerce. He holds a bachelor’s degree in real estate finance from the University of Nevada, Las Vegas and is a member of its alumni association.

Art Carll-Tangora, Advisor & Multifamily Specialist

Art Carll-Tangora joined NAI Vegas in March of 2010 after relocating to Las Vegas in 2007 serving as a Senior Vice President with the NAI Global Special Assets team. Art has been involved in over $1.5 Billion of investment real estate transactions. His proven track record and unique experiences have created extraordinary results, while specializing in both disposition and acquisition of Multi-Family Investment properties.

Prior to joining NAI, Tangora had more than 28 years of principal and managerial experience which included several years with Hendricks-Berkadia Apartment Real Estate Advisors where he served as both a broker and a member of the Senior management team. Mr. Tangora attended Eastern New Mexico University and is currently a member of the Southern Nevada Multi-Family Housing Association and the National Multi-Family Council. He is involved in local charities, which include his favorite, “The UNLV Rebel Athletic Fund”.

Antone Brazill, CCIM, Advisor & Multifamily Specialist

Antone Brazill’s real estate career began as a six-year-old holding a survey stick for his father at a development site. The experience in the family real estate business molded his conservative yet aggressive approach to the industry today.

Mr. Brazill has consulted for two Fortune 100 companies where he’s achieved President’s Club awards several years in a row. In 2002, he moved to Las Vegas where he concentrated his efforts in the residential and commercial market at national and global companies. Over the course of his career he’s earned several top sales volume awards. Mr. Brazill has also studied various disciplines of investment real estate including multifamily, land, office, retail, industrial, residential and development. His real estate designations include Certified Commercial Investment Member (CCIM), CRS, ABR and CLHMS.

The CCIM designation denotes that the member has completed advanced coursework in financial and market analysis as well as demonstrated extensive experience in the commercial real estate industry. CCIM designees are recognized as leading experts in commercial investment real estate.
Brazill’s volume has exceeded over $1 Billion in acquisitions and dispositions including facilitating a $110 million 1031 exchange of multifamily units in 2012.