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10/14/22
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Quinn Apartment Homes, a 237-unit garden-style multifamily community located in Las Vegas, was purchased by a Los Angeles-based real estate firm. The property was sold by Haven Realty Capital.
Built in 1991, the two-story community is situated on just over 10 acres at 5500 S. Mountain Vista S. The property offers four floor plans ranging from a 740 sf one-bedroom/one-bathroom unit to a spacious 1.1k sf two-bedroom/two-bathroom unit.
Quinn Apartment Homes is centrally located in a submarket bordering Henderson and is proximate to a variety of dining, shopping and entertainment amenities. Previous ownership had completely renovated the clubhouse and common areas along with making some interior unit improvements. This property benefits from new, nearby multifamily developments and employment opportunities.
Angela Bates, Curt Allsop, Doug Schuster and Vittal Ram with Newmark represented the seller in the transaction. The price was not disclosed.
“This asset presented investors with a substantial value-add opportunity that caught the attention of both private and institutional buyers,” said Bates. “This is a safe, income-producing property with huge potential upside for return on investment through the implementation of reasonable renovations.”
The rental market in Las Vegas remains strong with an average occupancy of 96% and a continued demand from the influx of new residents to Clark County. Las Vegas has one of the highest rents by necessity as well as renter by choice groups in the nation with 46.6% of the population renting apartments or homes. The under-construction pipeline remains strong in order to keep up with Las Vegas’ population growth and rental demand. Local developers in particular such as Ovation, Nevada West and Calida continue to build to fulfill this supply gap.
Investor appetite for U.S. multifamily assets surged during the second quarter of 2022 with $86.3 bil in sales volume, according to Newmark Research. This represented a 42.4% year-over-year increase, as well as the third-largest quarterly sum in history. Volume during the first half of 2022 accelerated 53.1% compared with the first half of 2021. This uptick in activity was in part due to buyers and sellers deliberately transacting ahead of impending FOMC rate hikes and the mid-term elections later in the year.
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