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1/16/17
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Pathfinder Partners has acquired Tierra Bella, an 89-unit apartment community in Las Vegas, for $12.5 mil, or $140k/unit. The property is located at 10620 Alexander Rd, north of Cheyenne Ave and just west of I-215.
The asset was purchased from the real estate-owned (“REO”) department of a financial institution. The lender had foreclosed on a large portfolio of assets in 2009, including Tierra Bella and several additional properties in Las Vegas, and had recently begun the disposition of these properties. Tierra Bella was the second-to-last property to be sold.
Built in 2003, Tierra Bella consists of 13 buildings with 16 one-bedroom/one-bath units, 50 two-bedroom/two-bath units and 32 three-bedroom/two-bath unit apartments. Interior amenities include full-size washers and dryers, private patio/balconies and vaulted ceilings. Units range from 772 sf to 1.2k sf in size, and average about 1.1k sf.
Pathfinder plans to rebrand the property to create a greater sense of community through extensive common area improvements and interior renovations. In 2016, Pathfinder acquired 39 of 83 units in Park House Condominiums near Summerlin and 64 of 409 units in The Sky Condominiums on Las Vegas Blvd.
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