Mi Casitas & Pinewood Crossing - SOLD for $67.7 Million

Sold. | 756 Units

NAI Vegas’s Sauter Multi-Family Advisors are pleased to announce the successful sale of Mi Casitas / Pinewood Crossing, 756 units, located with minutes of the Las Vegas “Strip”. This excellent value-add opportunity allows the buyer to reposition the property by transitioning from affordability restricted to full market-rate rents.

The properties sold together for $67,700,000, a mind-blowing $89,550 per door. The properties’ success was due to being located in a high opportunity zone. The Restriction on affordable rents had also expired. 20% of the asset had transitioned to market rates increasing the Cap Rate. New debt was also created with 70% leverage.

“Each member of our Team was please to have worked with both the Buyer and Seller on this exciting opportunity.” – Patrick Sauter

The Sauter Multi-Family Advisors consist of Patrick Sauter, Arthur Carll-Tangora, Antone Brazill, CCIM and Matthew Jenkins.

Transaction Details.

• $67,700,000 Sale Price

• $89,550 Per Door

• Properties located in an Opportunity Zone

• Restricted Affordable Rents expired

• 20% of asset have transitioned to market rate

• Going in Cap Rate of 4.4% on actuals

• New debt with 70% leverage

About NAI Vegas

NAI Vegas is the local representative of NAI Global, the premier international real estate services organization, with over 400 offices in over 55 countries. Founded in 1988, NAI Vegas has proven itself to be the leading real estate brokerage in Las Vegas. Principals of NAI Vegas have been involved in investment and commercial real estate in Las Vegas since 1972 and have brokered, developed over $5 billion in transactions consisting of multifamily units, retail centers, office buildings and land. Our strength is international and our passion and focus are local.

Sauter Multifamily Advisors