Avison Young announced the Sauter Multifamily Group, comprised of Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat, based in the firm’s Las Vegas office closed the $126 million sale ($126,506 per unit) of Harbor Island Apartments located at 370 E Harmon Ave, Las Vegas, Nevada (Clark County).
Avison Young Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat, are pleased to have worked with the buyer, Laguna Point Acquisitions and the seller, 3D Investments to facilitate the transaction of Harbor Island.
The property consists of 996 units, making it the largest multifamily property by unit count in the Las Vegas market, and has been operated as weekly rentals without renovations since its construction in 1989. The property is adjacent to the newly rebranded and renovated Virgin Hotel & Casino, on one side, and, on the other side, 40 acres of vacant land that was just recently announced as the future site of the Formula 1 Las Vegas Grand Prix track and main hospitality facilities.
“The new owner will transform the property into the premier apartment home for Class B renters working on and around the Las Vegas Strip by converting the weekly rentals to monthly apartment leases, and upgrading unit interiors, common areas and amenities,” said Sauter.