SB Real Estate Partners (SBREP) has made its second multifamily investment in the Las Vegas MSA over the past seven weeks with the $73.1 million off-market acquisition of St. Croix Apartments, a 256-unit garden-style community in Las Vegas, Nevada. The property will be rebranded as Portola West Vegas.
SBREP entered the Las Vegas market in late October with its $67 million acquisition of The Russell Apartments, a 241-unit multifamily community in Southwest Las Vegas, which has since been rebranded to Portola on Russell. The Irvine-based real estate investment company is committed to building scale in the MSA, with a goal of investing in an additional $300 million over the next 12 months, according to SBREP Founder & Managing Principal, Srijin Bandyopadhyay.
“St. Croix represents another strong value-add opportunity as SBREP looks to fortify its Las Vegas footprint,” said Bandyopadhyay. “Based on the MSA’s strong market dynamics and ongoing in-migration driven by relative affordability, SBREP will continue to rapidly build out a significant portfolio in Las Vegas over the near-term.”
St. Croix is a 1988 vintage garden-style community featuring a mix of one- and predominantly two-bedroom apartment homes spread out across 21, two-story residential buildings. Community amenities include an indoor racquetball court, business center, gym, and an expansive resort-style pool. SBREP will begin a $4 million capital improvement program to significantly upgrade unit interiors as well as common area amenities, along with plans to enhance the property’s building exteriors and overall curb appeal. SBREP will reposition the property to draft off new construction and compete with comparable post-renovation projects in the submarket.
Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity.
