Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Monterra, a 344-unit multifamily property in Las Vegas, Nevada. The $73.25 million sales price equates to $212,936 per unit.
“Las Vegas is one of the fastest-growing cities in the United States and every year over the next five years the metro is projected to add an average of nearly 47,000 residents,” said Steve Gebing, IPA executive managing director. “Year-over-year, rents have grown considerably and yet are nearly $1,000 below the regional mean in Southern California. These strong fundamentals, underpinned by positive job growth in all sectors of the Las Vegas economy, create an excellent opportunity for new ownership to add value through a property-wide capital improvement program.” Gebing represented the buyer, Bridge Investment Group, based in Salt Lake City, Utah. Justin Forman is Marcus & Millichap’s broker of record in Nevada.
Constructed in 1999 on over 18 acres, Monterra is approximately six miles from Downtown Las Vegas. Nellis Air Force Base, the University of Nevada, Las Vegas and Harry Reid International Airport are within a short drive. Smiths shopping center and Bracken Elementary School are nearby.
Monterra is a two-story property with community amenities that include two swimming pools, a clubhouse, fitness center, and a gated, electronic entrance. The unit mix is one-, two- and three-bedroom apartments with air conditioning, hardwood-style floors, vaulted ceilings
and walk-in closets. Units range in size from 700 square feet to 1,156 square feet.