CBRE has secured a $35.25 million bridge loan for the acquisition of Atlas Apartment Homes, a 198-unit multifamily community in Las Vegas, Nev.
Located at 5067 Madre Mesa Drive, the garden-style community was originally constructed in 2008. The 197,351 square-foot property is comprised of 26 buildings with a mix of one- and two-bedroom apartments. Community amenities include spa and hot tub, business center, clubhouse, sundeck, dog park and pool. The property is proximate to U.S. 95, connecting the area to the rest of Las Vegas.
Shaun Moothart, Bob Ybarra, Dana Summers, Bruce Francis and Doug Birrell of CBRE arranged the loan on behalf of the buyer, InTrust Property Group, a Newport Beach, Calif.-based multifamily investment firm.
“As Las Vegas is recovering from the pandemic, we saw this as a window of opportunity to buy into a durable product at a favorable basis,” said Josh Needle, Managing Principal of InTrust. “With the area’s main employment drivers returning, there is a clear path to upside by executing a targeted renovation program.
He added, “InTrust has enjoyed great success in sourcing non-institutional properties and repositioning them by adding extensive capital improvements and reducing expenses by realizing operational efficiencies and implementing top-quality property management. Atlas presented an ideal opportunity for our group as we look to expand our presence within the market.”
Upon acquisition, InTrust plans to update the common areas as well as renovate all units to include stainless steel appliances, wood-like vinyl flooring, new cabinetry and quartz countertops. The loan will provide funding for future capital improvements and renovation programs and was structured with a three-year term and two one-year extension options.
“The capital markets responded remarkably well to this investment opportunity and further demonstrated the insatiable demand for multi-family investments from both debt and equity investors alike,” said Mr. Moothart. “Despite the negative effects from COVID in 2020, rental rates have continued to increase, while collections and occupancy rates have remained strong.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
