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May 24, 2019
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Westland Real Estate Group Acquires Over 1,100 Res Units in Las Vegas


California-based Westland Real Estate Group has purchased a two-property multifamily portfolio totaling 1,129 units in Las Vegas for $60.3 mil ($53.4k/unit) transaction. The properties are Liberty Village Apartments, located at 4870 Nellisoasis Lane, and Village Square Apartments, 5025 Nellisoasis Lane.

Liberty Village, Las Vegas
Liberty Village, Las Vegas
The properties are located in a residential area directly across the street from Nellis Air Force Base and the CSN Cheyenne Campus, minutes from some of the community's most popular shopping, entertainment and dining establishments. They are three miles from I-15, providing easy access to nearby employment hubs throughout Las Vegas.

Both communities offer one-, two-, and three-bedroom floor plans with modern amenities including updated kitchens, air conditioning, Roman bathtubs, private balconies and patios, dog parks, mature landscaping, covered parking, tennis courts and swimming pools.

“This portfolio encompasses two well-appointed properties that are poised for strong value creation,” says Avi Shtern, Vice President of Investments for Westland Real Estate Group. “By implementing strategic improvements at both the property and operational level, we will be able to improve the quality of life for residents within these communities while also strengthening NOI, resulting in strong, well-performing investments for the long-term.”

Robin Willett and Devin Lee with Northcap Commercial repped the buyer in the deal. Spence Ballif with CBRE represented the seller, Shamrock Properties VI LLC and Shamrock Properties VII LLC.

“The market offers tremendous investment potential for sophisticated owners, such as Westland, who have the wherewithal to take advantage of deals like this,” continues Willett. “While Las Vegas was initially slower to recover than many other cities, it is now one of the nation’s strongest in rent growth, attracting U.S. and global investors seeking opportunities in a thriving location with rapid job growth and rising demand for housing.”

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