The 320-unit The Sanctuary apartments, located at 2200 North Torrey Pines Drive in Las Vegas, Nevada, sold on July 31, 2019 for $51,750,000 ($161,719 per unit).
Thomas Olivetti of Marq Multifamily in Las Vegas represented the seller and the buyer in the transaction.
BR Sanctuary, LLC, an entity created by Bluerock Residential Growth REIT, Inc. was the buyer. Bluerock Residential Growth REIT, Inc. (NYSE American: BRG) is a publicly listed real estate investment trust headquartered in New York, New York, that focuses on acquiring a diversified portfolio of apartment properties in demographically attractive growth markets. Bluerock’s current portfolio totals approximately 12,000 units located across the U.S.
“The Sanctuary offers a proven value-add interior renovation strategy and is located in an area with strong population growth projections,” says Olivetti, “The property’s location, near the Summerlin masterplan, features several healthcare jobs as well as retail amenities such as Whole Foods and Best Buy.”
The apartment community, built in 1988, comprises 320-units situated on 15 acres. It is a blend of 20 percent 1-bedroom units, 55 percent 2-bedroom units and 25 percent 3-bedroom units.
Sunroad Torrey Pines LV Apartments, LLC, 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.
