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May 20, 2024
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$40 Mil Vegas Res Trade Works Out to $227k/Unit


In a recent Vegas res buy, Tide Equities paid $40 mil for Las Brisas de Cheyenne, a 176-unit ($227.3k/unit) multifamily community located at 3985 E Cheyenne Ave. The property was sold by Epic Investments.

Located in Las Vegasí Sunrise Manor submarket, Las Brisas de Cheyenne sits on just over nine acres acres along East Cheyenne Ave, between Las Vegas Blvd N and N Lamb Blvd, east of Interstate 15. Originally constructed in 1999 and renovated in 2020, Las Brisas de Cheyenne is a two-story garden-style apartment community featuring one-, two-, and three-bedroom floor plans with an average unit size of 720 sf.

Las Brisas is ideally situated near the new Amazon Distribution Center and Nellis Air Force Base. Located less than three miles from I-15 freeway major exit and nine miles from the Las Vegas Strip, residents also enjoy convenient access to the nearby Walnut Recreation Center and Cheyenne Sports Complex as well as proximity to the largest College of Southern Nevada campus.

Patrick Sauter, Art Carll-Tangora and Steve Nosrat with Avison Young represented the seller in the transaction. According to Nosrat, Las Brisas de Cheyenne offers the new ownership an opportunity to significantly increase returns through hands-on management and fully implementing the renovation program that was already underway.

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