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LivCor Spends $115 Mil on 674 Res Units in Las Vegas

12/21/17

LivCor has purchased a two-property, 674-unit multifamily portfolio in Las Vegas for $115 mil ($170.6k/unit). The assets, which include Broadstone Talavera and Broadstone Flamingo West, were sold by a partnership between AEW Capital Management, on behalf of one of its separate account clients, and Alliance Residential Company.

Broadstone Talavera includes 350 units, a fitness center, two pools and a spa. It is located near a number of restaurants and retail outlets and is less than eight miles from the Las Vegas Strip.

Broadstone Flamingo West features 324 units, a fitness center, two pools and a dog park area. The community is located near some of the largest employers in the area and less than seven miles from the Las Vegas Strip.

John Cunningham and Charles Steele with JLL represented the seller in the transaction.

“The portfolio offered investors well-maintained, ideally located assets with value-add potential,” said Cunningham. “This transaction demonstrates further institutional investment into the Las Vegas Metro market fueled by economic and employment growth.”





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