LAS VEGAS, Nev., August 26, 2021 – Cushman & Wakefield announced today the firm has brokered the sale of two multifamily assets totaling 624 apartment units in Las Vegas, Nevada. The portfolio consists of neighboring high-quality apartment communities each comprising 312 units: Ely at Centennial Hills located at 5900 Sky Pointe Dr and the Pointe at Centennial Hills located at 5850 Sky Pointe Dr.
The seller was The Calida Group, which was represented in the transaction by Taylor Sims, Carl Sims, and Brady Cleary with Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas. When The Calida Group purchased the properties they were being operated as one asset; since then, they strategically split up the operations and focused on renovating the Ely at Centennial Hills asset in order to display the rental upside that they knew existed.
“This is an attractive multifamily portfolio that is well positioned in a strong Centennial Hills submarket, which experiences drivers from nearby shopping, high-end medical employment hubs, and recent development trends and high-end residential communities. It’s no wonder that The Calida Group was able to create so much value in their renovation program. Centennial Hills continues to garner attention and positive press and some big names are taking note–a leading global investment company recently purchased a multifamily asset less than two miles away,” said Taylor Sims.
Sims continued, “Las Vegas remains a premier market for talent attraction, while apartment rent growth remains one of the strongest in the country. Furthermore, Centennial Hills is emerging as one of the better growth submarkets in Las Vegas. This offering provided the unique opportunity for investors to scale up in Las Vegas and the booming northwest valley.”
“We are pleased with this outcome and the execution of the sale by Cushman & Wakefield. Calida’s operations team was able to manage the asset through a challenging environment and position the property for its current strong performance. We continue to believe in the long term growth prospects for multifamily in the Las Vegas market,” added The Calida Group.
Ely at Centennial Hills has recently undergone a massive renovation program, including a full overhaul to completely re-imagine the clubhouse, leasing office, and amenity space, while 8% of the units were elevated to a full renovation scope. Millions of dollars went into the renovations on the common areas, amenity spaces, and clubhouse alone. Conversely, Pointe at Centennial Hills has remained largely in classic condition, with ownership maintaining the partial renovation scope from prior ownership while operating for natural market growth.
Sims noted, “While Ely at Centennial and Pointe at Centennial are separate assets, they both commanded strong rents through COVID and have subsequently capitalized on the local boom.”
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.
