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11/19/19
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Compass Acquisition Partners has acquired Sandpiper Apartments, a 488-unit multifamily community in Las Vegas, from Apple Management for $66 mil ($135.2k/unit) in an off-market transaction. Sandpiper, located at 4650 W Oakey, is one of the largest multifamily properties in Las Vegas, with 61 two-story buildings spread across the beautifully landscaped 20.1-acre site.
Built in 1988, Sandpiper offers multiple areas for gathering and recreation with three resort-style pools, tennis courts, clubhouse and fitness center. The one- and two-bedroom units offer spacious floor plans with an average unit size of 950 sf.
Compass plans to invest approximately $7.5 mil in an extensive program of capital improvements. Currently, units are in the process of being renovated. Compass is expanding the scope of the updates to include modernized kitchens with stainless steel appliances, refreshed cabinets and stone counters and wood-style plank flooring throughout.
Common area and exterior renovations will include updating the club house and fitness center, refreshing the pool areas, building painting and new signage. The property will be enhanced with additional amenities and public spaces such as dog parks, a multi-sports court, and an outdoor community space with barbeques, outdoor kitchen and seating. Further, some landscaped areas will be modified with zero-scape features that will be attractive and environmentally responsible additions.
“Sandpiper Apartments offers a substantial and irreplaceable asset in the heart of Las Vegas. The property is convenient to employment centers, major area thoroughfares and surrounded by a mix of shopping, dining and entertainment options. These are all attributes that align with our investment criteria,” said Compass Acquisition Partners CEO, Lynn Owen.
Compass currently has a portfolio of approximately $2 bil of multifamily and retail assets located in select markets along the West Coast, Colorado and Wyoming. A fully-integrated real estate investment firm, it is actively seeking acquisition opportunities as it pursues a carefully crafted and implemented program to expand its portfolio with a particular interest in well-located multifamily properties in mature markets.
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