Sauter Multifamily Group, of Avison Young, is pleased to announce the closing of the $105.9 million sale ($190,126 per unit) of AYA Apartments, a 557-unit property located at 3600 University Center Dr, Las Vegas, NV 89169 (Clark County).
Avison Young Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat are pleased to have had the opportunity to advise the seller and facilitate the sale of the property. The current seller had acquired the asset in 2019. The Sauter Multifamily Group was also involved in that sale.
The property was previously an affordable property. The actual LURA restrictions expired several years ago and the 3-year tail period that required to keep tenants in place expired in March of 2021. As a result, all units are in the process of going to market rate.
Built in 1973 and renovated in 2019, the property features a mix of studio, one-, two-, and three-bedroom apartments in a two-story garden style layout across 42 buildings and 171,692 SF GBA. AYA is located just minutes from the University of Nevada Las Vegas. The name of the street was recently changed from Swenson to University Parkway as part of new campaign to enhance the neighborhood. The City is investing a lot of money and resources into this submarket because it is adjacent to the Convention Center, and they just invested more than $2 billion into its expansion and renovations.
For more information:
Patrick Sauter, Principal
702.475.7726
Patrick.Sauter@avisonyoung.com
Art Carll-Tangora, Principal
702.780.6765
Art.Carll@avisonyoung.com
Steve Nosrat, Principal
702.780.6758
Steve.Nosrat@avisonyoung.com
The Sauter Multifamily group principals have been involved in investment and commercial real estate in Las Vegas since 1992 and have brokered over $6 billion in transactions consisting of multifamily units, retail centers, office buildings and land.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
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