Marcus & Millichap announced the sale of two multifamily assets in Las Vegas. The properties are Las Palmas, a 394-unit apartment complex and The Rubix, which features 236 fully furnished studios. The assets sold for a total of $39.3 million.
“Consistent job growth is driving strong demand for local apartments,” says Michael Shaffner, first vice president investments in Marcus & Millichap’s Las Vegas office. “Strength in the labor market has reduced unemployment to below 5 percent for the first time in a decade, prompting considerably tight market conditions.”
Shaffner and Michael LaBar, first vice president investments, brokered both transactions.
Built in 1974 on 13 acres, Las Palmas is located at 3550 Paradise Road, across the street from the Wynn Hotel. The buyer plans to infuse the community with significant capital improvements and renovate the property’s interior and exterior.
The Rubix was built in 2009 and was acquired with tax-exempt bond financing. The new ownership strategy will focus on an expanded HUD-Veterans Affairs Supportive Housing program that will assist veterans and their families find and sustain permanent housing. The property is located on 7.75 acres in Las Vegas’s northeast corridor, adjacent to Nellis Air Force Base and near Amazon, Hyperloop, Bed Bath & Beyond, Fanatics, and the Las Vegas Motor Speedway.