LAS VEGAS, Nev., – February 11, 2022 – Cushman & Wakefield has advised on the sale of The Lennox, a luxury apartment community in Las Vegas, Nevada. Constructed in 2015, the 100-unit “A” class multifamily asset is located at 430 E Cactus Rd. and sold to an undisclosed buyer for $38.5 million, or $385,000 per unit.
Taylor Sims, Carl Sims and Brady Cleary with Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller, Interwest Capital Group, in the transaction.
“The Lennox is a top of market asset in the Silverado Ranch submarket, and also one of the nicer multifamily assets in the greater Las Vegas MSA. It’s only 100 units, but is midrise construction with structured parking, well amenitized, and offers desirable floorplans. The demand for this kind of rental housing is extremely high in Las Vegas right now and we expect new ownership to do very well with this acquisition,” said Taylor Sims, Senior Director.
The Lennox offers a mix of one-bedroom, two-bedroom, three-bedroom, and penthouse floorplans. The community features an oversized fitness center, luxurious resident clubhouse & wi-fi lounges, resort-style pool, and luxury home finishes. In addition to the onsite amenities, residents also have access to nearby lifestyle retail and amenities along Saint Rose Pkwy.
Sims continued, “The Silverado Ranch submarket is one of our favorite pockets in town, and given that the renter by choice demographic has been driving rent growth in Las Vegas over the past two years, we feel that the demand for this product type will continue into the foreseeable future.”
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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.
