Avison Young in Las Vegas, NV Brokers $126 Million Sale of 996-Unit Harbor Island Apartments

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Las Vegas, NV Avison Young announced today the Sauter Multifamily Group, comprised of Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat, based in the firm’s Las Vegas office closed the $126 million sale ($126,506 per unit) of Harbor Island Apartments located at 370 E Harmon Ave, Las Vegas, NV 89169 (Clark County).

Avison Young Principals Patrick Sauter, Art Carll-Tangora, and Steve Nosrat, we are pleased to have worked with the buyer, Laguna Point Acquisitions and the seller, 3D Investments to facilitate the transaction of Harbor Island.

The Property consists of 996 units, making it the largest multifamily property by unit count in the Las Vegas market, and has been operated as weekly rentals without renovations since its construction in 1989. The Property is adjacent to the newly rebranded and renovated Virgin Hotel & Casino, on one side, and, on the other side, 40 acres of vacant land that was just recently announced as the future site of the Formula 1 Las Vegas Grand Prix track and main hospitality facilities.

“The new owner will transform the Property into the premier apartment home for Class “B” renters working on and around the Las Vegas Strip by converting the weekly rentals to monthly apartment leases, and upgrading unit interiors, common areas and amenities.” -Patrick Sauter

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.

Avison Young is a 2021 winner of the Canada’s Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 10 consecutive years.

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For more information:

 

Patrick Sauter, Principal, 702.475.7726 Patrick.Sauter@avisonyoung.com

Art Carll-Tangora, Principal, 702.468.3490 Art.Carll@avisonyoung.com

Steve Nosrat, Principal, 702.780.6758, Steve.Nosrat@avisonyoung.com

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