The 228-unit Rancho Park apartments, located at 5400 West Cheyenne Avenue in Las Vegas, Nevada, sold on November 14, 2018 for $20,425,000 ($89,583 per unit).
Thomas Olivetti, Trevor Koskovich and Bill Hahn of Marq Multifamily in Las Vegas represented the seller and the buyer in the transaction.
BMF IV NV Rancho Park 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.
“Rancho Park has significant value-add opportunity by completing interior upgrades and common area enhancements,” says Olivetti, “The property has maintained strong occupancy and boasts wide frontage along Cheyenne Avenue.”
The apartment community, built in 1986, comprises 228-units situated on 9.13 acres. It is a blend of 57 percent 1-bedroom units and 43 percent 2-bedroom units.
5400 West Cheyenne Avenue, LLC, an entity formed by CALCAP Advisors out of Pasadena, California, was the seller. CALCAP is a boutique real estate investment and advisory firm that represents individual and institutional investors by strategically allocating capital across a multitude of real estate investments.