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9/17/15
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Pathfinder Partners LLC recently boosted its multifamily portfolio with the purchase of 64 units in Sky Las Vegas – a 42-story, 409-unit luxury condominium community in Las Vegas. The property, constructed in 2007, is located at 2700 Las Vegas Blvd South, on the north end of the famed Vegas strip.
San Diego-based Pathfinder paid $18.055 mil for the units, or $282k/unit. That price works out to under $200/sf, far less than the $600/sf to $700/sf buyers paid for the individual units before the market collapsed after the property came on the market.
According to Lorne Polger, senior managing director of Pathfinder Partners, his company purchased the units from the original developer who had previously sold the other 345 units and was operating the remaining unsold units as rentals.
Comprised of one-, two- and three-bedroom floorplans, Sky units range from 930 sf to 1.8k sf in size. Pathfinder plans to initially rent the condos and after renovating all 64 units, and will then implement a retail sales program over the next 12 to 24 months.
The ultra-modern Sky tower features an array of amenities, including concierge service, valet parking, spa/fitness facility, indoor racquetball, billiards room, putting green, theatre room, dog run, business center and a pool with cabanas, Jacuzzi® and fireplace.
Polger said Sky appealed to Pathfinder for multiple reasons, including the project’s ideal location within the path of growth on the “Strip” and the increasing demand in Las Vegas for luxury condominiums. “High rise condo prices in Las Vegas have rebounded over the past several years and we were able to purchase Sky at a significant discount to replacement cost and the prices of recent sales in the complex,” Polger said. “Las Vegas population and job growth has improved dramatically, and we expect stronger economic performance and improved housing fundamentals during the next few years.”
The property is located south of the intersection of Las Vegas Blvd and West Sahara Ave, directly across from the partially completed Fontainebleau Hotel and adjacent to the 1,201-unit Elara, a Hilton Grand Vacations® timeshare property. On the same stretch of Las Vegas Blvd, the Las Vegas Convention Center is planning an expansion and Resorts World Las Vegas has started construction on its $4 bil resort on the 87-acre site previously owned by Boyd Gaming.
Charles Moore and Marlene Fujita of CBRE’s Las Vegas office represented the seller in the transaction. Pathfinder repped itself in the deal.
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