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May 27, 2024
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Vegas Apartment Building Trades for $21.75 Mil


Mark I Apartments, a 113-unit apartment property in Las Vegas has a new owner after being sold in a $21.75 mil ($192.5k/unit) transaction. The property, which includes three retail units, is located at 1020 E. Desert Inn Rd.

Built in 1975, Mark I was partially renovated in 2017, with additional interior renovations taking place in 2020 and 2021. The property features of mix of studio, one- and two-bedroom apartments and offers residents amenities such as a fitness center, pool, spa, laundry facility, and clubhouse. The renovated units feature granite countertops, stainless steel appliances, and incredible views are available from all sides of the building.

Mark I is conveniently located near the world-famous Las Vegas Strip, just minutes from the I-15 Fwy. It is within walking distance from many services, amenities, shops, and a number of major retail centers. It is also a short drive to many Las Vegas attractions such as the Raiders Stadium, Las Vegas Convention Center, and McCarran International Airport.

Pat Sauter, Art Carll-Tangora, and Steve Nosrat—of the Sauter Multifamily Team at Avison Young—represented the seller, a Calabasas-based limited liability corporation. The buyer was a Seattle-based limited liability corporation.

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