SB Real Estate Partners (“SBREP”) has acquired Brownstone Apartments, a 143-unit luxury apartment community located in the Centennial Hills submarket of Las Vegas, in an off-market transaction for $42 million.
“The Las Vegas metro has one of the lowest supply pipelines in the country when compared to other high-octane growth markets across the Sunbelt, with the Centennial Hills submarket having virtually no future supply over the next few years,” said SBREP Founder & Managing Principal, Srijin Bandyopadhyay. “Given that backdrop of favorable supply/demand balance, along with other supportive multifamily fundamentals, SBREP plans to remain an active buyer in the Las Vegas MSA.”
Brownstone Apartments are located at 7531 Tule Springs Road, approximately 15 miles northwest of The Strip. The property offers luxury finishes and a mix of one-, two- and three-bedroom apartment homes across nine low-rise residential buildings, which are adjacent to the two-acre Pop Squires public park. Common area amenities include a clubhouse, a resort-style pool, barbecue areas, a 24-hour fitness center and tuck-under garages.
The property benefits from numerous demand drivers including excellent local schools, immediate access to nearly 200 shopping, dining and entertainment destinations, and an affluent local demographic boasting an average household income of $122,000 within a three-mile radius.
Given the newer-build profile, SBREP plans a limited capital improvement program that will include a Smart Home tech package and minor common area upgrades.
Senior Managing Directors John Cunningham and Charles Steele, and Senior Director Jared Glover of Berkadia Las Vegas represented Buyer and Seller in the transaction.
Founded in 2017, SB Real Estate Partners is a multifamily investment firm committed to acquiring and asset managing value-add apartment projects throughout the United States.
