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3/15/18
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The Calida Group has obtained a $24.06 mil senior loan for the acquisition and renovation of Hampton Garden, a 180-unit apartment property located in the Summerlin/Spring Valley submarket of Las Vegas. The financing was arranged by Brian Eisendrath, Brandon Smith and Cameron Chalfant of CBRE and funded by PCCP LLC.
“The Calida Group is a successful Las Vegas-based multifamily operator that is active in the submarket,” said PCCP Vice President Mike Johnson. “Calida is planning a comprehensive renovation of the units and common areas to elevate them to be best-in-class product. PCCP’s loan provides capital for both the acquisition and renovation.”
Built in 2000, Hampton Garden is situated on nine acres at 9750 Peace Way. The garden-style apartment complex includes 16 low-rise buildings, a leasing/clubhouse building with fitness center, a resort-style pool and spa, picnic areas and six detached garages. The buildings surround a central grassy common area with resident walkways. The unit mix includes one- and two-bedroom floorplans featuring high ceilings, in-unit washer/dryers, walk-in closets and a balcony or patio. The average unit size is 1k sf.
Hampton Gardens is well-located just west of the Beltway freeway in the Summerlin/Spring Valley submarket of Las Vegas. This area and the areas surrounding the Summerlin master-planned community are desirable to residents due to quality schools and abundance of amenities and entertainment options. The Summerlin/Spring Valley multifamily area has been a top-performing submarket of Las Vegas this cycle and continues to experience robust absorption from both employers and renters.
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