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August 26, 2019
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FINANCING NEWS
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Watt Multifamily Buys 280-Unit Res Community in Las Vegas

1/31/19

Watt Multifamily Corp purchased Chapel Hill, a 280-unit multifamily property in Las Vegas. The property is located at 9620 West Russell Rd, just west of the 215 Fwy.

Although the price was not immediately disclosed, Watt financed the buy with a $37 mil acquisition bridge loan arranged by Michael Elmore and Ory Schwartz of NorthMarq Capital and funded through a bridge/mezzanine lender. The transaction was structured with a three-year interest-only term.

Community amenities include: assigned covered parking, pet friendly, tot lot, 24-hour fitness center, resident clubhouse with great room, cyber lounge, resort style pool and spa with waterfall, acres of landscaping, easy access to 215, detached garages with remote control, business services, gated access and close proximity to restaurants, shopping and highly-rated schools.

Apartment amenities include: five one-, two- and three-bedroom floor plans, espresso cabinetry, nine-foot ceilings, faux granite counter tops, goose neck kitchen faucets, full kitchen appliance package, breakfast bars, faux wood flooring, vaulted ceilings with plant shelves, two tone paint, full size washer and dryer, linen closets, dual walk-in closets, vanity seating, garden soaking tubs, and air conditioning.






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