The Estates at Westernaire Apartments, located at 3975 North Nellis Boulevard in Las Vegas, Nevada sold yesterday for $29,900,000 ($88,988 per unit).
Thomas Olivetti of NorthMarq Multifamily Nevada in Las Vegas and Trevor Koskovich, Bill Hahn, and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and the buyer in the transaction.
Bridge WF NV Estates at Westernaire, LLC, an entity formed by Bridge Investment Group, out of Salt Lake City, Utah was the buyer. Bridge Investment Group is a leading privately held real estate investment and property management firm that manages $10+ billion in assets.
“Estates at Westernaire is one of the highest quality, value-add multifamily assets in the Northeast Las Vegas submarket,” says Olivetti, “Workforce housing is in high demand and there is a significant amount of industrial development in the area.”
The apartment community, built in 1995, comprises 42 buildings with 335,808 square feet of space situated on 15.77 acres. It is a blend of 14 percent 1-bedroom units, 57 percent 2-bedroom units, and 29 percent 3-bedroom units.
The community is located on the west side of Nellis Road just south of Las Vegas Boulevard. Estates are Westernaire is close-by major employers and points of interest including the Nellis Air Force Base immediately east of the property employing over 13,000 people. North Las Vegas has recently seen a surge of capital invested into developing large industrial spaces such as The Apex Industrial Park, home to the second Amazon fulfillment center in the city. In addition, the property is just minutes away from the famous Las Vegas Strip.
Westernaire Partners, LLC, an entity formed by Milton Mabry, Jr. of Mabry Management Company and Richard Scandaliato of RKM Capital out of Torrence, California, was the seller. Mabry Management is a property management company that services a portfolio of over 3,000 units of apartments and office/commercial in Los Angeles and Orange County. RKM Capital is a commercial real estate advisory company that develops and executes financial structures that enhance value to clients’ assets.
The NorthMarq Multifamily team has three additional listings in Las Vegas currently, along with another 20 in other markets. The team sells an average of 55 multifamily projects per year.
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About NorthMarq Multifamily
NorthMarq Multifamily offers commercial real estate investors a personalized approach to buying and selling multifamily and manufactured housing properties by combining local market knowledge with the strength of a national platform to develop creative solutions for real estate investment opportunities. Headquartered in Phoenix with partners in Las Vegas and Albuquerque, the team has a market-leading position in multifamily property sales in the Southwest region of the U.S. and collaborates with NorthMarq Capital’s debt and equity experts nationwide to provide a full range of capital markets services.
NorthMarq Capital, the largest privately held commercial real estate financial intermediary in the U.S., provides debt, equity and commercial loan servicing through over 300 mortgage banking professionals in regional offices coast-to-coast and services a loan portfolio of more than $52 billion. In select markets, the company offers multifamily and manufactured housing investment sales through NorthMarq Multifamily. For more information please visit www.northmarq.com.
Bridge Investment Group
Bridge Investment Group is a leading privately held real estate investment and property management firm that manages $10+ billion in assets. Bridge combines their nationwide, “boots-on-the-ground” operating platform with specialized teams of investment professionals focused on select US real estate verticals, which they believe offer above-market opportunity. They target acquisitions and loans in growth markets where they maintain a strong local operating footprint, but which are less crowded and offer more opportunities for value-add investments, that allows them to build portfolios of attractive investments individually asset by asset.
About Westernaire Partners
Westernaire Partners, LLC is an entity formed by Milton Mabry, Jr. of Mabry Management Company and Richard Scandaliato of RKM Capital out of Torrence, California. Mabry Management is a property management company that services a portfolio of over 3,000 units of apartments and office/commercial in Los Angeles and Orange County. RKM Capital is a commercial real estate advisory company that develops and executes financial structures that enhance value to clients’ assets.
