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April 5, 2020
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Las Vegas Res Property Trades for $52 Mil


Inspirado Apartments, a 252-unit multifamily asset in Las Vegas, was purchased by NNC Apartment Ventures LLC in a transaction valued at $52.2 mil, or $207k/unit. The 247k sf property, located at 6885 W. Lone Mountain Rd, was sold by Mystic Sands LLC.

Inspirado Apartments is an institutional-quality asset located adjacent to the affluent Centennial Hills neighborhood of Las Vegas. Built in 2010, the complex features 116 one-bedroom/one-bath, 120 two-bedroom/two-bath, and 16 three-bedroom/two-bath units on just over 11 acres of land. It was designed by one of the area’s finest custom home builders and tenant amenities include a European-style swimming pool, hot tub, cabana area with built-in gas grill, fitness facility, and business center. The asset was at 95.6% occupancy at the time of sale.

Taylor Sims, Carl Sims, Brady Cleary from Cushman & Wakefield’s Nevada Multifamily Advisory Group represented the seller in the transaction. The sale of Inspirado Apartments marks the team’s fourth multifamily transaction of 2020. Sims, Sims, and Cleary have closed more than $242 mil in multifamily investment sales in the past three months.

Market fundamentals are robust in the Las Vegas metropolitan area. According to Cushman & Wakefield Research, the average vacancy rate for multifamily properties was at a historic low of 4.1% as of January 2020, with rent growth for 2019 at 5.6%, the second highest in the nation.

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