Las Brisas Commercial Property Sells for $12.5M

NAI — Wed, 25 Jul 2018 16:23:44 +0000

Sold.

Located in the thriving area of North East Las Vegas, Las Brisas De Cheyenne commercial property has been waiting for the perfect buyer to come along to take it from Distressed to Fabulous! This extremely challenging sale also possessed a unique opportunity to enhance and create a value add property that could ultimately be turned into a long term stabilized asset. Pat Sauter, Art Carll-Tangora, and Antone Brazill, CCIM, Advisors with NAI Vegas represented 3D Investments in the purchase of this distressed property.

Las Brisas De Cheyenne is feeling the winds of change with the new ownership who plans to renovate the 176 garden-style apartment home community to provide a higher quality standard of living. In addition to the upcoming renovations, Las Brisas is surrounded by new construction. The upcoming industrial area is now home to several facilities including the new Amazon Distribution Center and new Fanatics Center.

Due to the proximity of the incoming businesses, Las Brises has the potential to become a Live, Work and Play community. “This was a very uncommon opportunity,” stated Art Carll-Tangora of NAI Vegas, “Las Brisas only had 50% occupancy and required us to find the right buyer who recognized the potential and was willing to act.”

“Art and the Las Vegas Multifamily team were able to provide us with all the necessary information in a short timeframe. Their knowledge proved to be instrumental, overcoming the challenges presented by the ongoing rehabilitation of over 40% of the property which allowed us to close all cash in less than 30 days from execution. This is one of many successful transactions we have closed with Art, Pat, Antone and look forward to many more.”

- Dan Appello, 3D Investments

Pat Sauter added, “The Las Brisas transaction presented a major challenge in determining the value and identifying a buyer who could recognize the unique opportunity and quickly perform on the transaction. The property was in the middle of a complete renovation and was not only 50% occupied but also a large number of units were in various stages of tear down and uninhabitable.

Through our extensive contacts and knowledge of the market including details of the costs and timing of construction and lease-up we were able to show investors the above market returns available through the completion of the renovations.

In turn we were also able to satisfy the seller’s expectation of price, short due diligence (10 days) and closing (20 days).”

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.

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Pat Sauter – NAI Excel Commercial Real Estate

Las Brisas Commercial Property Sells for $12.5M