The 72-unit Bella Vida Apartments, located at 1111 South Cimarron Road in Las Vegas, Nevada, sold on October 16, 2019 for $12,525,000 ($173,958 per unit).
Thomas Olivetti of Marq Multifamily in Las Vegas represented the seller and the buyer in the transaction.
NWI Vida, LLC, an entity created by Next Wave Investors, LLC was the buyer. Next Wave is a Southern California-based private equity investment firm with a specialized focus in value-add multifamily investments throughout the Western United States.
“Bella Vida is an extremely well-maintained asset with proven value-add upside in a strong location near Boca Park, Tivoli Village and Downtown Summerlin,” says Olivetti.
The apartment community, built in 1996, comprises 72-units situated on just over 3 acres. It is a blend of 56 percent 1-bedroom units and 44 percent 2-bedroom units.
Sunroad Research Center Partners, L.P., an entity formed by Sunroad Enterprises out of San Diego, California, was the seller. Founded in 1977 by Aaron Feldman, Sunroad consists of two distinct divisions – real estate and automotive. The real estate division has developed successful office, multifamily, resort, retail, land and industrial projects. The automotive division has sold over 100,000 new and used vehicles.
