LAS VEGAS, Nev., – March 9, 2022 – Cushman & Wakefield acted as exclusive advisor on the sale of South Beach Apartments, a 2017-vintage, 220-unit apartment community in the expanding Summerlin/Spring Valley submarket of Las Vegas, Nevada. The buyer, Logan Capital Advisors (LCA), acquired the property for $97.5 million, or $443,180 per unit.
Taylor Sims, Carl Sims and Brady Cleary with Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller, Griffin Capital, in the transaction.
“South Beach Apartments was designed to be one of the premier rental communities in the valley, with unique floor plans, class-leading amenities and common areas, and high-quality interior finishes… there’s even a 16-foot outdoor TV by the pool. Given the exceptionally strong leasing activity that Las Vegas has experienced among lifestyle assets, this was a great opportunity to acquire a leading core-quality asset with a runway for growth,” said Taylor Sims, Senior Director.
Located at 8920 W Russel Rd, just off the interstate 215, South Beach was built in 2017 and provides a special oasis atmosphere that caters to the Summerlin/Spring Valley residents. The property consists of unique 1-bedroom and 2-bedroom floorplans, with loft and den options, ranging from 680 to 1,380 square feet.
The community has one of the deepest amenity packages in the greater Las Vegas market, including salt water pools, beach volleyball court, soccer field, half basketball court, yoga studio, pilates studio, indoor and outdoor fitness centers, dog park, dog wash, a 16-foot TV by the pool, along with numerous other amenities.
This was Logan Capital Advisors’ third multifamily acquisition in Las Vegas since 2018. According to Ruben Islas, LCA Founding Partner, “South Beach is the type of newer high-quality asset we are looking to add to our growing Southwest Portfolio. South Beach’s unmatched amenity package and excellent location will assure that South Beach continues to be a market leader among discerning lifestyle renters in Las Vegas.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
