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11/01/24
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Sunroad Enterprises has obtained a $66 mil senior loan for the acquisition and lease-up of Element 12 at Cadence, a 265-unit apartment community in Henderson, NV. The four-story apartment community is located within the Cadence master-planned community (MPC), one of the country’s top-selling master-planned communities.
Element 12 at Cadence was recently completed in September 2023. The Class A property is a garden-style, elevator-served, six-building apartment community with an average floorplan size of 875 sf. The property includes 145 one-bedroom units, 100 two-bedroom units, and 20 three-bedroom units.
The high-end apartments feature granite countertops, 9’ to 10’ ceilings, premium stainless-steel appliances, smart thermostats, and oversized closets. Community amenities include a pickleball court, a heated pool and spa, bike storage and pet spas in each building, co-working spaces, a game room, a fitness center with a separate yoga studio, and ample parking.
Additionally, residents have access to the community amenities in the 2,200-acre Cadence MPC, which include 450 acres of green space, multiple parks, and a pool. When completed, the Cadence MPC will have an estimated 13,000 homes. Additionally, Element 12 is one of a select few rental options within Cadence.
The property is well-located in Henderson, one of the fastest-growing cities in the country that is approximately 20 miles southwest of the Las Vegas Strip. Henderson is known for having some of the highest incomes in Nevada. Element 12 sits just off Boulder Highway, one of Henderson’s major thoroughfares, providing residents with direct access to both downtown Las Vegas and Henderson. The location offers strong connectivity to the broader Las Vegas metropolitan area, including key employment hubs, while being proximate to established local amenities and suburban neighborhoods.
The financing was arranged by JLL Capital Markets and provided by PCCP LLC.
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