LAS VEGAS, Nev., September 10, 2021 – Cushman & Wakefield announced today the firm has brokered the sale of the Fifty101 apartment community in Las Vegas, Nevada. Named for its address at 5101 O’Bannon Drive, Fifty101 is comprised of a mix of 90 one-, two- and three-bedroom units. The Bascom Group sold the multifamily asset to Apartment Ventures for $21.56 million.
Taylor Sims, Carl Sims, and Brady Cleary with Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction. The seller had completed a substantial property-wide renovation, including significant capital improvements in dual pane windows and public area upgrades while also renovating a select number of units with paint, wood-look flooring in the kitchen/dining area, an upgraded stainless appliance package, contemporary lighting, and upgraded cabinetry.
“There aren’t many sub-100-unit multifamily assets in Las Vegas of such superior quality or having institutional ownership, but that was the case for Fifty101. The property shows well, and The Bascom Group did an amazing job at operating the property and implementing a renovation program that displayed the rent potential that the property offers,” said Taylor Sims.
The community consists of 16 one-bedroom/one-bathroom units, 50 two-bedroom/two-bathroom units and 24 three-bedroom/two-bedroom units, with different floor plans. Fifty101 is located in the West Las Vegas submarket, with proximity to major employment hubs, including downtown, the UNLV Medical District, the Las Vegas Strip, and a variety of retail amenities.
“The Cushman & Wakefield team did an exemplary job running a very competitive sales and marketing process, producing several highly qualified buyers through the Best & Final round. Taylor, Carl, and the rest of the C&W team outperformed all expectations on pricing and timing,” said Scott McClave Senior Principal with The Bascom Group.
“The diligence and professionalism of the Cushman Wakefield team definitely made the transaction smooth and successful,” added John Nunn, Founding Principal and CIO with Apartment Ventures.
“Las Vegas Metro continues to be a premier market for talent attraction, while apartment rent growth remains one of the strongest in the country,” added Sims. “Las Vegas is expected to be a top major metro for projected rent growth over the next five years, while the West Las Vegas submarket, is expected to outperform the rest of the valley.”
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 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
