FCP® has made its first investment in the Las Vegas market with the acquisition of The Avondale Apartments. The 560-unit apartment community located at 9225 W. Charleston Boulevard lies within the Peccole Ranch master-planned community with immediate access to the nearby 20,000-acre Summerlin development.
“FCP is excited to expand its Western U.S. footprint and enter Las Vegas with the addition of such a high-quality asset in a top-tier location,” said Bart Hurlbut, Senior Vice President and head of Western US investments at FCP. “While the property has been institutionally owned and well-managed, we see a great opportunity to take advantage of the immediate proximity to employment and amenities while repositioning the community. In a challenging transaction environment, we continue to find ways to acquire communities in great locations in growing markets where we see continued long-term fundamental strength, and Avondale Apartments meets those criteria to a tee.”
The Avondale Apartments are conveniently located within the Peccole Ranch master-planned community, which features miles of walking trails, tennis courts, playgrounds, and an abundance of retail and convenience amenities. Within 2.5 miles is the 20,000-acre master-planned mixed-use development, Summerlin, with the largest concentration of dining, retail, entertainment, and hospitality amenities outside of the downtown Las Vegas Strip.
Avondale comprises one-, two-, and three-bedroom residences in three-story buildings. Each residence features hardwood floors, stainless steel appliances, patios or balconies, a fireplace, in-unit washers and dryers, garden soaking tubs, and a gas stove. Residents of Avondale can enjoy three resort-style swimming pools, a 4,000 square foot fitness facility, a racquetball court, spin room, two dog parks, and a dog washing station.
FCP extends its appreciation to CBRE’s Las Vegas Investment Sales team of Adam Schmitt, Spence Ballif, Jannie Mongkolsakulkit, and Justin Neubeck for their representation of the seller, and CBRE’s Mid-Atlantic Debt and Structured Finance team of Maxi Leachman, John Knies, and Sallie Ann Seiders in securing financing for the acquisition.
