CBRE Capital Markets’ Debt & Structured Finance team has arranged $44.6 million in acquisition financing for The Palms at Peccole Ranch Apartment Homes, a 404-unit, garden-style apartment community located at 9599 West Charleston Blvd in Las Vegas, Nevada.
Andrew Behrens and Jesse Weber of CBRE’s San Francisco office secured the ten-year, floating-rate Fannie Mae loan on behalf of DiNapoli Capital Partners.
“The acquisition of Palms at Peccole Ranch is a great fit for DCP’s value-add strategy. The property has great potential to generate healthy yields not only from DCP’s renovation plan but also from the underlying growth we are seeking in the market,” said Mr. Behrens.
The Palms at Peccole Ranch consists of 404 residential units in 29 buildings within the Peccole Ranch master-planned community. Units boast wonderful amenities such as 9-foot ceilings, full-sized washers and dryers, walk-in closets, private balcony/patio, and fireplaces (select units). Residents can enjoy community amenities such as two resort-style swimming pools, lap pool, two spas, a 24-hr fitness center, barbeque areas, a clubhouse, a dog park, and optional detached garages. They can also enjoy the amenities offered by the master-planned community such as a 22-hole disc golf course, walking and biking trails, tennis courts, and basketball courts.
The Palms at Peccole Ranch is located 10 miles west of the Las Vegas Strip and Downtown Las Vegas. The newly-constructed Downtown Summerlin shopping mall, Tivoli Village premier retail center, and Boca Park shopping center are all within two miles of the Property. In addition, the property has great access to I-215, I-515, I-15, US-95, and McCarran International Airport which is a 30-minute drive.