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6/02/14
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San Francisco-based Hamilton Zanze recently bought Elysian Parc, a 164-unit luxury apartment complex in Henderson, NV, for $26 mil. The transaction came in at a record price of $158.5k/unit and a record $152/sf for the Las Vegas area for garden-style construction post-recession, according to Newmark Grubb Knight Frank (NGKF).
The 171.1k sf complex was 94-percent leased at the time of sale. It features a number of first-class amenities including a 5k sf clubhouse with a TV room, pool tables, shuffleboard, arcade games, Starbuck's coffee machines, a 24-hour fitness center and a stand-up tanning bed. The lagoon-style pool features a beach area, fire pit and the only "infinity" hot tub in the valley.
The one- and two-bedroom units have high-end finishes such as granite countertops, stainless steel appliances, walk-in closets, nine-foot ceilings and in-unit, full-size laundry rooms. There are 60 individual garages along with 177 covered and uncovered parking spaces.
"This is a cutting-edge apartment complex. Its rapid lease-up following its ribbon-cutting is a testament to the growing demand for this kind of rental," said Curt Allsop managing director in the Land Services Group at NGKF's Las Vegas office, who represented the seller, The Calida Group, with Doug Schuster, senior managing director with NGKF's Multi-Housing Group. "It's no surprise the number and variety of investors who expressed interest in this property. It's an inspired investment."
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