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2/14/14
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Griffis Residential recently completed the acquisition of The Wellington, a 332-unit, luxury apartment community in Las Vegas, for $43.26 mil ($130k/unit). Located at 9550 W Sahara Ave, south of the 95 Fwy and well west of The Strip, the property was sold by The Picerne Group.
Originally constructed in 1998, The Wellington underwent extensive renovations starting in 2012. The property was 94% occupied at the time of sale.
Community amenities include a clubhouse, controlled access, swimming pool and spa, and covered parking. Unit features include nine-foot ceilings, built-in media niche, ceiling fans, central air/heating, private balconies/patios, and more.
Christopher Bentley and Melissa Salas of Atlanta-based ARA represented The Picerne Group, a national real estate investment management company. Griffis is a Colorado-based privately held real estate investment company.
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