Northcap Commercial, 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.