Vegas Grand Apartments

Sold.

Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas are pleased to announce the sale of Las Vegas Grand Apartments, a 212 unit complex located at 818 E Flamingo Road, Las Vegas, NV 89119. The property sold for $47,600,000 ($224,528 per door) on November 14, 2019. NAI Vegas was pleased to have represented 3D Investments, LLC as the buyer. Las Vegas Grand Apartments is the latest of recent multifamily transactions closed by Sauter Multifamily Advisors.

Details.

• $47,600,000 Sale Price

• $224,528 Per Unit

• Class A Community

• Built in  2008

• Date Sold: 11/14/2019

About NAI Vegas

NAI Vegas and the Sauter Multifamily Advisors is a member of NAI Global with over 400 offices and 7,000 professionals covering nearly every major market nationally and across the globe. NAI Vegas has a long history of investment transactions in the Las Vegas market with a focus on multifamily. NAI Vegas has been involved in over $2 billion dollars in transactions including multifamily, office, retail, industrial, and land.

Skyline Parc Apartments

Sold.

Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas are pleased to announce the sale of Skyline Parc Apartments, a 192 unit complex located at 3675 Cambridge Street, Las Vegas, NV 89169. The property sold for $18,500,000 ($96,354, per door) on November 8, 2019. NAI Vegas was pleased to have represented Pacific Ardent Capital, LLC as the buyer. Skyline Parc Apartments is the latest of recent multifamily transactions closed by Sauter Multifamily Advisors.

Details.

• $18,500,000 Sale Price

• $96,354 Per Unit

• Class C Community

• Built in 1972

•  Date Sold: 11/8/2019

About NAI Vegas

NAI Vegas and the Sauter Multifamily Advisors is a member of NAI Global with over 400 offices and 7,000 professionals covering nearly every major market nationally and across the globe. NAI Vegas has a long history of investment transactions in the Las Vegas market with a focus on multifamily. NAI Vegas has been involved in over $2 billion dollars in transactions including multifamily, office, retail, industrial, and land.

Villa Del Rio Apartments

Sold.

Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas are pleased to announce the sale of Villa Del Rio, a 168 unit complex located at 3800 S. Nellis Blvd., Las Vegas, NV 89121. The property sold for $22,000,000 ($130,952 per door) on November 7, 2019. NAI Vegas was pleased to have represented Omninet Rio, LP as the seller. Villa Del Rio Apartments is the latest of recent multifamily transactions closed by Sauter Multifamily Advisors.

Details.

• $22,000,000 Sale Price

• $130,952 Per Unit

• Class B Community

• Built in 1990

• Date Sold: 11/7/2019

About NAI Vegas

NAI Vegas and the Sauter Multifamily Advisors is a member of NAI Global with over 400 offices and 7,000 professionals covering nearly every major market nationally and across the globe. NAI Vegas has a long history of investment transactions in the Las Vegas market with a focus on multifamily. NAI Vegas has been involved in over $2 billion dollars in transactions including multifamily, office, retail, industrial, and land.

Laurel Park Apartments

Sold.

Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas are pleased to announce the sale of Laurel Park Apartments, a 240 unit complex located at 5272 Tamarus Street, Las Vegas, NV 89119. The property sold for $32,000,000 ($133,333 per door) on November 7, 2019. NAI Vegas was pleased to have represented Omninet Newport, LP as the seller. Laurel Park Apartments is the latest of recent multifamily transactions closed by Sauter Multifamily Advisors.

Details.

•  $32,000,000 Sale Price

• $133,333 Per Unit

• Class B Community

• Built in 1982

•  Date Sold: 11/7/2019

About NAI Vegas

NAI Vegas and the Sauter Multifamily Advisors is a member of NAI Global with over 400 offices and 7,000 professionals covering nearly every major market nationally and across the globe. NAI Vegas has a long history of investment transactions in the Las Vegas market with a focus on multifamily. NAI Vegas has been involved in over $2 billion dollars in transactions including multifamily, office, retail, industrial, and land.

Five89 Apartments Sold

Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas are pleased to announce that the Five89 Apartments sold, a 312 unit complex located at 4801 E Sahara Avenue, Las Vegas, NV. Five89 Apartments sold for $32,500,000 ($104,166 per door) on July 26, 2019. NAI Vegas was pleased to have represented Tower 16 Capital Partners as the buyer. Five89 Apartments is the latest of recent multifamily transactions closed by Sauter Multifamily Advisors.

Details. 

• $32,500,000 Sale Price
• $104,166 Per Unit
• 4.70% In Place Cap Rate
• Class C Community
• Built in 1983
• Date Sold: 7/26/2019

About NAI Vegas

NAI Vegas and the Sauter Multifamily Advisors is a member of NAI Global with over 400 offices and 7,000 professionals covering nearly every major market nationally and across the globe. NAI Vegas has a long history of investment transactions in the Las Vegas market with a focus on multifamily. NAI Vegas has been involved in over $2 billion dollars in transactions including multifamily, office, retail, industrial, and land.

Sold.

Patrick Sauter and Art Call-Tangora, the Sauter Multifamily Advisors at NAI Vegas are pleased to announce the sale of The Cottages Apartments, a 180 unit complex located at 5500 West Cheyenne Avenue, Las Vegas, Nevada. The Sauter Multifamily Advisors was pleased to have exclusively represented the seller, TOMO JD, LLC in the sale of the property to Avenue North LLC. The property sold for $18,400,000 ($102,222 per door) on June 17, 2019. The Cottages is the latest of recent multifamily transactions closed by Sauter Multifamily Advisors.

About NAI Vegas

NAI Vegas and the Sauter Multifamily Advisors is a member of NAI Global with over 400 offices and 7,000 professionals covering nearly every major market nationally and across the globe. NAI Vegas has a long history of investment transactions in the Las Vegas market with a focus on multifamily. NAI Vegas has been involved in over $2 billion dollars in transactions including multifamily, office, retail, industrial, and land.

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

Sold.

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.

Sold.

The Sauter Multifamily Advisors at NAI Vegas was exclusively retained to market and sale the Mark 1 Luxury Apartments, a highly desirable 15-story mid-rise rental community in the heart of Las Vegas.

Mark 1, a 113 unit property built in 1975 was negotiated and closed for $15,870,000. This Value Add Opportunity included partially renovated units, 5% cap rate, spacious studios along with one and two bedroom apartment homes with upgraded finishes, an Olympic size pool, underground parking, secured access, business center and convenient downtown location.

The acquisition of Mark 1 by Strategic Realty Holdings LLC was a fantastic opportunity that Patrick Sauter, Managing Partner of NAI Vegas and Art Carll-Tangora, Senior Multifamily Partner to advise both the buyer and the seller in a successful closing.