Marq Multifamily Sells The Arbors Apartments For $29,500,000

0
1372

The 216-unit The Arbors apartments, located at 2666 South Decatur Boulevard in Las Vegas, Nevada, sold on April 26, 2019 for $29,500,000 ($136,574 per unit).

Thomas Olivetti of Marq Multifamily in Las Vegas represented the seller and the buyer in the transaction.

FPA6 Arbors, LLC, an entity formed by FPA Multifamily, LLC, was the buyer. FPA’s headquarters are located in San Francisco, California with regional offices in Atlanta, Dallas, Denver, Irvine, Minneapolis and Portland. FPA and its affiliated property management and general contracting companies employ a staff of approximately 180 corporate professionals and over 750 site level employees who together operate a portfolio of approximately 27,000 apartment units valued at $5.0 billion.

“Las Vegas continues to be one of the top markets in the U.S. for rent growth, population growth and job growth which is fueling investor demand for well-located, value-add multifamily assets with renovation potential,” says Olivetti, “The Arbors is located less than four miles west of The Strip near the busy intersection of Sahara Ave. & Decatur Blvd. and the property will benefit from the completion of major projects such as Resorts World and The Drew.”

The apartment community, built in 1988, comprises 216-units situated on 9.95 acres. It is a blend of 22 percent 1-bedroom units, 56 percent 2-bedroom units and 22 percent 3-bedroom units.

216 Arbors LLC, an entity formed by Shulgin Acquisition Group, Inc. out of San Francisco, California, was the seller. Shulgin Acquisition Group is a private equity real estate firm with a combined 35 years of experience in procurement and rehabilitation of multi-family housing in markets throughout Florida, Louisiana, Nevada, Georgia, Arizona, Texas, and New Mexico.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.