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5/31/18
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RK Properties, out of Long Beach, closed on an institutional multifamily buy in Las Vegas, paying $59.25 mil for Montecito Pointe, a 336-unit ($176.3k/unit) luxury apartment community in northwest Vegas. The property was sold by The Bascom Group LLC.
Built in 2007, Montecito Pointe sits on more than 13.6 acres of land at 9745 Grand Teton Dr, in an area which currently has very limited new multifamily construction. The average unit size is 981 sf. The community has a pool and fitness center, a children’s play area and a pet exercise park. The property offers the buyer the opportunity to add further value by completing a renovation program initiated by the seller.
John P. Cunningham and Charles Steele of JLL represented the seller in the deal. According to JLL, employment growth in Las Vegas over the last five years is nearly double the national average and the city’s apartment market is among the top three markets in the country for annual rent growth.
“The Las Vegas apartment market is among the strongest in the nation and Montecito Pointe, which has been immaculately maintained by the owner, is perfectly positioned to benefit from the explosive population and economic growth that we are seeing in the metro area,” said Cunningham.
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