ZMR Capital has acquired Sunridge, a 216-unit multifamily community in Las Vegas, for $38.5 million, marking the Florida-based multifamily investment firm’s entry into the Southern Nevada real estate market.
“The Las Vegas rental market continues to benefit from very favorable supply and demand dynamics as well as an ongoing migration of people from West Coast markets seeking a more affordable cost of living,” said ZMR CEO Zamir Kazi. “ZMR is committed to building a substantial portfolio in the Las Vegas MSA with plans to invest $500 million over the next 24 months.”
Located at 4855 E. Vegas Valley Dr., and only six miles from the Las Vegas Strip, Sunridge features a mix of one-, two- and three-bedroom apartment homes. Community amenities include two resort-style pools and spa, a spacious clubhouse with fireplace, business center, playground and covered parking. All units include washers and dryers and come Wi-Fi ready with pre-installed modem.
Located in the Sunrise Manor submarket east of Las Vegas, Sunridge is situated near multiple employment hubs including a Google data center, an Amazon fulfillment center and Haas Automation’s manufacturing plant. Sitting near highways 515 and 612, and the 582 Boulder Highway, residents can easily commute to all parts of the greater Las Vegas area.
Built in 1991, Sunridge represents a compelling value-add opportunity for ZMR, which plans to execute a multi-million dollar capital improvement plan that will include renovating unit interiors, upgrading common areas and building exterior/curb appeal enhancements. When complete, Sunridge will be on par with the competitive set in the area, but at a more attractive price point.
“After facing a significant downfall during the pandemic, rent growth in Las Vegas had a huge bounce back in 2021, with year-over-year cumulative growth of 22 percent,” Kazi said. “With the market’s growing job market there is robust demand for quality housing in an increasingly tight supply market.”
This was an off-market transaction and was sourced by ZMR Capital.