The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
March 28, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



TEXAS/SOUTHWEST NEWS
Printer-friendly Version   Email an Associate
Standard Management Company Pays $27 Mil for Vegas Area Residential Community

9/14/15

Standard Management Company (SMC) has purchased Parc West Apartments, a 248-unit residential property in the Summerlin submarket of Las Vegas, for $27.3 mil, or about $110k/unit.

Built in 1989, the community is situated on 14.5 acres at 8440 Westcliff Dr, west of I-15 and just south of Summerlin Pkwy. Parc West is similar in size and design to Cabana Club and Galleria Palms, other multifamily assets located in Las Vegas that are owned and managed by SMC.

Parc West brings the SMC Vegas Portfolio to five assets, with a total of 1,410 units. Financing for the acquisition was provided by Wells Fargo.

SMC plans to improve amenities and interiors at Parc West. “We are able to capture rental increases from residents and prospective tenants willing to pay for such upgrades, without paying up for an A asset rental rate – that’s our sweet spot.” notes Kari Horii, Vice President of Residential Operations.

“This property met our top criteria and is a compelling deal in today’s tight market,” said Samuel Freshman, Chairman of SMC. Founded in 1961, SMC is an LA-based diversified investment firm with various investment strategies including core and value add multi-family and commercial real estate, ground-up development, and gap and bridge lending.






Return to the Archive page


 


 


 


 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media