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8/13/24
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Continental Realty Assets Ltd (CRA) has picked up Villa Del Rio Apartments, a 168-unit multifamily community in Las Vegas, for $27 mil, or $160.7k/unit. CRA, a subsidiary of Continental Realty Group, is a Denver-based multifamily owner and operator.
Built in 1990, Villa Del Rio features one-, two- and three-bedroom layouts in four distinct floor plans. The property’s amenity package includes a clubhouse/leasing center, swimming pool, fitness center and outdoor lounge and barbecue areas. The previous owner refurbished 38 units and CRA plans to spend approximately $2.4 mil to complete the renovation of all units, as well as other property improvements.
Located on Nellis Blvd, on the east side of Las Vegas, Villa Del Rio offers residents excellent access to major employment, retail and entertainment centers throughout the MSA. Villa Del Rio is CRA’s fourth acquisition on the Nellis Blvd. corridor, where it purchased a three-property portfolio in the submarket in 2016.
“The Las Vegas market is poised to make a strong recovery from the pandemic era struggles as market fundamentals are rapidly improving,” commented Adam Holt, CRA’s Director of Acquisitions. “Las Vegas was one of the top markets for job growth in 2023 and we are seeing capital that has been largely sidelined since late-2022 return to the market.”
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