Inspirado Apartments, a 252-Unit Multifamily Community in Las Vegas, Sold for $52M
Cushman & Wakefield’s Multifamily Advisory Team Represents Seller Mystic Sands, LLC
LAS VEGAS, NV, February 20, 2020 – Cushman & Wakefield has completed the investment sale of Inspirado Apartments, a 252-unit multifamily asset in Las Vegas, Nevada.
The 247,072-square-foot (sf) property located at 6885 W. Lone Mountain Rd. sold for $52,164,000 or more than $207,000 per unit. NNC Apartment Ventures, LLC acquired the property from Mystic Sands, LLC.
Taylor Sims, Carl Sims, Brady Cleary from Cushman & Wakefield’s Nevada Multifamily Advisory Group represented the seller in the transaction.
Inspirado Apartments is an institutional-quality asset located adjacent to the affluent Centennial Hills neighborhood of Las Vegas. Built in 2010, the complex features 116 one-bedroom, one-bath, 120 two-bedroom, two-bath, and 16 three-bedroom, two-bath units on 11.06 acres of land. It was designed by one of the area’s finest custom home builders and tenant amenities include a European-style swimming pool, hot tub, cabana area with built-in gas grill, fitness facility, and business center. The asset was at 95.6% occupancy at the time of sale.
“This was a prime, value-add multifamily investment opportunity with renovation upside potential in the highly desirable and competitive Northwest submarket. We were fortunate to negotiate an extremely smooth transaction with a great buyer and seller,” said Taylor Sims, a Director in the firm’s Las Vegas office.
The sale of Inspirado Apartments marks the team’s fourth multifamily transaction of 2020. Sims, Sims, and Cleary have closed more than $242 million in multifamily investment sales in the past three months.
Market fundamentals are robust in the Las Vegas metropolitan area. According to Cushman & Wakefield Research, the average vacancy rate for multifamily properties was at a historic low of 4.1% as of January 2020, with rent growth for 2019 at 5.6%, the second highest in the nation.
