Pat Sauter, Art Carll-Tangora, and Antone Brazill, CCIM, the Multifamily Team at NAI Vegas was exclusively retained by the buyers to facilitate the acquisition of the Foothill Village Apartments in Las Vegas, Nevada.
Now being re-branded to “Altura on Tropicana”, this 512 unit multifamily community was acquired off-market. The seller, Greenberg Traurig LLP, set expectations high, and NAI Vegas’ Multifamily Group was able to demonstrate the potential upsides of this property to the buyers.
The Buyers, Tower 16 Partners in conjunction with Henley USA, wanted to re-brand this property to Altura on Tropicana to show the entire Las Vegas market that Foothill Village is now under new ownership. This property was made more desireable to the buyers due to its significant value-add upside opportunity and highly desired location.
The Spring Valley sub-market of Las Vegas, where Foothill Village Apartments are located, experienced a 6.6% rent growth over the past year while retaining over 95% occupancy. These stats speak volumes to the Las Vegas Market that saw an increase with over 29,000 jobs added over the last year and a population increase of over 47,000 residents.
The Las Vegas market is extremely dynamic. The product for the price was a great deal in comparison to the same product in LA, Phoenix and other neighboring markets.
“Art and the NAI Team did an amazing job assisting us with the acquisition of Foothill Village. They know the Las Vegas market very well and were able to plug us into the deal on an off-market basis which created tremendous value for us.” Stated Tyler Pruett of Tower 16 Capital.
“The Las Vegas multifamily market continues to preform well above historic levels and draw a plethora of investor interest that includes an abundance of intuitional, syndicated and private capital. The competition from buyers is as fierce as we have ever seen it since the mid 2000’s.” Pat Sauter, Managing Partner at NAI Vegas stated, “Across the valley we are seeing property operations performing well with rent increase pressures due to high occupancies, historically low supply of new units and very low concessions. We are seeing investors of all class levels offer aggressive pricing and terms that include shorter due diligence periods, larger non-refundable deposits followed by a quick close time. The market continues to be heated as buyers compete for fewer quality properties.