Gino Vincent, CCIM of LOGIC Commercial Real Estate (“LOGIC”) is pleased to announce the sale of the 851-unit Emerald Suites Portfolio, consisting of three extended-stay properties located at 3684 Paradise Rd., 4777 Cameron St. and 9145 S. Las Vegas Blvd. in Las Vegas, Nevada. LOGIC represented the Buyer, 3D Investments, LLC (the “Buyer”), in the acquisition and the Seller, Hall Equities Group (the “Seller”), was unrepresented. The transaction was an off-market deal – please contact LOGIC for pricing details.
LOGIC sourced the deal for the Buyer and helped manage a lengthy escrow with many complexities given the high unit count spread across three separate assets. All three properties are zoned H-1 (Limited Resort & Apartment), the most liberal zoning in the valley, and are located within the Las Vegas resort corridor just minutes from the new Raiders Stadium.
Gino Vincent, CCIM, Vice President at LOGIC adds, “This transaction presents a significant value-add opportunity for the Buyer to reposition and stabilize the portfolio as the local economy continues to thrive. Each property is strategically located within the resort corridor and positioned to benefit from surrounding developments, including the $1.5 billion Las Vegas Convention Center expansion, the $1.9 billion Raiders Stadium and over $10 billion of new Strip development.”
“Ultimately the timing was right for the Seller to exit the market and the deal presented a unique opportunity for the Buyer to acquire a sizable portfolio of well-located real estate with upside in today’s market,” adds Vincent.