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DEAL WATCH: Evergreen Apartments sold for $29.5M

Updated December 25, 2018 - 11:35 am

Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Evergreen Apartments, a 314-unit, multifamily project two miles west of the Las Vegas Strip, for $29.5 million. Tower 16 will oversee $4 million in renovations and upgrades to the project.

“Our acquisition of Evergreen Apartments marks another important step in our strategic growth in the Las Vegas market,” said Tower 16 Principal Tyler Pruett. “With our fourth closing in Vegas, we now have close to 1,600 units in the market.”

The community is at 2950 S. Decatur Blvd., just minutes from the Las Vegas Strip. Evergreen Apartments features studio, one- and two-bedroom apartments with covered parking and private patios. The community includes two pools, barbecue and picnic areas, fitness facility, business center, playground and on-site laundry facilities.

Tower 16 plans to update the community’s common areas, relocate the leasing office, expand the gym and renovate all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint.

“We are excited about the Evergreen acquisition as part of our growing portfolio of investments in Las Vegas,” said Tower 16 Principal Mike Farley. “There is a huge need for affordable housing options as the Las Vegas market continues to grow and attract new people to the region and we’re happy to be part of the solution.”

Pinnacle, a Las Vegas-based multifamily real estate management firm, will take over as property manager. Real estate brokers Brian Anderson and Angela Powers of Berkadia represented the seller, The Apartment Co. based in Encinitas, Calif., in the transaction.

This is Tower 16’s fourth acquisition in Las Vegas. The company’s holdings include a 540-unit multifamily project in northwest Las Vegas, a 228-unit property and a 512-unit multifamily project in Spring Valley. All are undergoing renovations and improvements.

COMPLETED SALES TRANSACTIONS:

• The sale of an office building was completed Dec. 3. The 30,209-square-foot property is at 5785 Centennial Center Blvd. The total value of the transaction was $9,050,000. Cathy Jones, Paul Miachika, Roy Fritz, Jessica Cegavske and Taylor Vasquez of Sun Commercial Real Estate Inc. represented the buyer, 20 Music Square West, No. 200 and Logic Commercial Real Estate represented the seller, 3900 S. Hualapai Way, No. 200.

• A sale to Joel Silverman. The approximately 22,784-square-foot industrial property is in Gibson Business Park at 1180 Center Point Drive in Henderson. The transaction value was $1,840,000. Dean Willmore, SIOR, and Alex Stanisic of Colliers International represented the buyer.

• The sale of APN 177-33-102-002, was completed Nov. 14. The 1.06-acre property is at 71 E. Cactus Ave. The total value of the transaction was $610,000. Michael Brazill of Sun Commercial Real Estate Inc. represented the seller, Michael M. Vohs Trust.

COMPLETED LEASE TRANSACTIONS:

• The lease with Collette Travel Service Inc. was completed Dec. 11. The 5,090-square-foot office space is at 375 N. Stephanie St., Building 11 in Henderson. The total value of the transaction was $415,080.96. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, Sinicrope & Sons Inc. and Realty One Group represented the tenant, Collette Travel Services Inc.

• The lease with F&R Brothers Investments LLC was completed Nov. 20. The 2,560-square-foot retail space is at 4335 S. Durango Drive, Suite 110. The total value of the transaction was $190,379.69. Paul and Wil Chaffee and John Kirtley of Sun Commercial Real Estate Inc. represented the landlord, HSJC Investments LTD.

• The lease with Eric Galla Chiropractic Inc. was completed Nov. 27. The 1,317-square-foot office space is at 9330 W. Flamingo Road, Suite 112A. The total value of the transaction was $172,006.45. Sun Commercial Real Estate Inc. represented the tenant, Eric Galla Chiropractic Inc.

• The lease with S.K. Enterprise LLC was completed Nov. 11. The 2,181-square-foot retail space is at 1801 S. Rainbow Blvd., Suite 130. The total value of the transaction was $93,029.29. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate Inc. represented the landlord, The Peiterson Limited Partnership.

• A lease to Hyper Networks LLC. The 7,953-square-foot office property is in Seven Hills at 3195 St. Rose Parkway, Suite 131 in Henderson. Andrew Kilduff of Colliers International represented the lessor, SHP Buildings II LLC.

• A lease to Sobel Westex. The 7,873-square-foot industrial property is in Highland Industrial Center at 2910 S. Highland Drive, Suite HI. Grant Traub, SIOR, and Chris Connell of Colliers International represented the lessor, FKC Highland LLC.

• A lease to Southwest Geotechnical LLC. The 5,353-square-foot industrial property is in Hacienda Crossing at 5275 Arville St., Suite 108. Dean Willmore, SIOR, and Mike Willmore of Colliers International represented the lessor, FJM Vegas Holdings LLC.

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