KAIROS BUYS SIENA TOWNHOMES
Kairos Investment Management Co., a firm that focuses on value-based real estate investments with favorable risk/reward characteristics, has acquired Siena Townhomes, a 195-unit affordable multifamily property in central Las Vegas in an off-market transaction.
“As an asset manager, allocator and registered investment adviser, Kairos Investment Management seeks out off-market opportunities in markets that exhibit potential outsized favorable performance like central Las Vegas,” said Carl Chang, CEO and founder of Kairos. “Despite its affordable reputation, revitalization of downtown Las Vegas’ more diverse and growing employment opportunities and limited new supply have led to increasing market rate rents, deepening the need for quality, budget-friendly multifamily communities like Siena Townhomes throughout the area.”
Built in 2001, Siena Townhomes has a high occupancy rate with a 40-person waiting list. The property is located less than 1 mile from Texas Station, a 200-room hotel and casino.
“Given the property’s advantageous location and the area’s extremely low multifamily vacancy rate of 2.5 percent, Siena Townhomes aligns well with our firm’s impact strategy in affordable housing assets in growing or supply constrained markets throughout the United States,” Chang said.
Siena Townhomes features a mix of 82 two-bedroom town homes and 113 three-bedroom town homes with full-size washers and dryers, large walk-in closets, and a private balcony or patio with extra storage. Common area amenities at the community include a clubhouse, pool and spa, fitness center, barbecue areas, basketball court, business center, children’s play area and carports.
COMPLETED SALES TRANSACTIONS
• Garrett Toft, SIOR, of CBRE, Inc. represented the buyer, Phelan Development Co., in the purchase of 26.29 acres of vacant industrial land at West Badura Avenue and S. Cimarron Road. for $30,000,000.
• A sale to LGW Ventures LLC. The 94,809-square-foot industrial property is located in Walnut Business Park at 3020-3060 N. Walnut Road. The transaction amount was $12,800,000. Doherty Industrial Group: Dan Doherty, SIOR; Paul Sweetland, SIOR; Chris Lane, SIOR, CCIM; and Jerry Doty, SIOR, of Colliers International represented the seller, CRP III Walnut LV LLC.
• A sale to Airpark Center LLC, a Nevada limited liability company. The 46,419-square-foot office property is at 376 E. Warm Springs Road. The transaction amount was $12,299,999. Grant Traub, SIOR, and Chris Connell, SIOR, of Colliers International represented the seller, Airport CC LLC, a Nevada limited liability company.
• Jason Dittenber; Devin Lee, CCIM; Robin Willett; and Jerad Roberts of Northcap Commercial announced the recent sale of the Summer Place Apartments for $12,185,000 ($108,795/unit). This sale consisted of 112 units built in 1979 located at 27 N. 28th St. This transaction closed on Nov. 5. Northcap Commercial represented the seller, Ramar Property LLC on this sale.
• Jason Dittenber; Jerad Roberts; Devin Lee, CCIM; and Robin Willett of Northcap Commercial announced the recent sale of the Pine Vista Apartments for $9,150,000 ($114,375/unit). This sale consisted of 80 units built in 1963 located at 1536 N. 22nd St. and 1537 N. 23rd St. This off-market, all-cash transaction closed on Jan. 24. Northcap Commercial represented the seller, Pine Vista Apartments LLC, on this sale.
• Robin Willett; Jason Dittenber; Devin Lee, CCIM; and Jerad Roberts of Northcap Commercial announced the recent sale of the Oakridge Villas Apartments for $5,700,000 ($135,714/unit). This sale consisted of 42 units built in 1979 at 811 Joyce St. in Henderson. This transaction closed on Nov. 15. Northcap Commercial represented the seller, E3J Oakridge LLC and E3K Oakridge LLC, on this sale.
• Garrett Toft, SIOR, of CBRE Inc. represented the buyer, CLPF Apex LLC in the purchase of 34.56 acres of vacant industrial land at Interstate 15 and North Las Vegas Blvd. for $4,200,000.
• A sale to John and Ramella Lee. The 2,441-square-foot office property is at 3515 W. Charleston Blvd. The transaction amount was $400,000. Patti Dillon, SIOR; Taber Thill, SIOR; Steven D. Haynes; and Megan McInerney of Colliers International represented the seller, The Arthur S. Tayengco and Encarnita T. Tayengco Revocable Trust.
• Kevin Higgins, SIOR, of CBRE Inc. represented the seller and the buyer, MCA Realty Inc. in the investment sale and purchase of four industrial buildings, totaling 19,109 square feet at 6460, 6466, 6472, 6478 Windy Road for $3,450,000.
• The sale of an office building to Moti Lahmany & Moti Perez comprised of 8,368 square feet is at 6889 S. Eastern Ave. The total value of the transaction was $1,745,000. Cathy Jones, Paul Miachika, Karim Chatoor of Sun Commercial Real Estate Inc. represented the seller, Yaron Zedek.
• A sale to RSG Professional Center LLC, a Nevada limited liability company. The 6,054-square-foot office property is in The Office by the Airport Complex at 340 E. Warm Springs Road, Unit 110. The transaction amount was $1,192,530. Chris Connell, SIOR, and Grant Traub, SIOR, of Colliers International represented the seller, Office By Airport LLC, a Nevada limited liability company.
• The sale of an office building to Golden AE LLC, comprised of 2,560 square feet is located at 3087 E. Warm Springs Road, Suite 200. The total value of the transaction was $473,600. Cathy Jones, Paul Miachika, Karim Chatoor of Sun Commercial Real Estate Inc. represented the seller, Longford 6 LLC.
• A sale to Cheyenne Pines LLC. The 0.83-acre land parcel is at 6408 W Cheyenne Ave., the northwest corner of Cheyenne Avenue and Torrey Pines Drive. The transaction amount was $415,000.00. Gabriel Skerlich and Brian Fike of Colliers International represented the buyer.
COMPLETED LEASE TRANSACTIONS
• The lease of an industrial building to Convey Health Solutions Inc., comprised of 20,042 square feet is at 6823 Post Road Suite 102. The total value of the transaction was $2,042,342. Art Farmanali of Sun Commercial Real Estate Inc. represented the landlord, Global Investment Group LLC.
• The lease of an industrial building to Vincent W. Enterprises LLC, comprised of 20,005 square feet is at 6823 Post Road Suite 101. The total value of the transaction was $1,408,972. Art Farmanali of Sun Commercial Real Estate Inc. represented the landlord, Global Investment Group LLC.
• The lease of an industrial building to BL Distribution West LLC, comprised of 24,434 square feet is at 2125 S. 11th Ave. Suite 140 & 150, Phoenix. The total value of the transaction was $1,313,996. Cathy Jones and Paul Miachika of Sun Commercial Real Estate Inc. represented the tenant.
• The lease of an industrial building to Think 360 Inc., comprised of 18,000 square feet is at 5050 Steptoe St. B1. The total value of the transaction was $810,000. Lisa Hauger and Tim Erickson of Sun Commercial Real Estate Inc. represented the landlord, PPT 5050 Steptoe, LLC.
• The lease of an office building to Nevada State Board of Dental Examiners, comprised of 3,920 square feet is at 2651 N Green Valley Parkway, Suite 104. The total value of the transaction was $299,690. Pete Janemark and Travis Laub of Sun Commercial Real Estate Inc. represented the landlord, 2625 GV, LLC.
• The lease of an office building to Cornerstone Merchant Services Inc., comprised of 3,011 square feet is at 7881 W. Charleston Blvd. Suite 110. The total value of the transaction was $207,571. Pete Janemark of Sun Commercial Real Estate Inc. represented the landlord, Howe Family LP.
• The lease of an office building to My Hearing Centers LLC., comprised of 1,722 square feet is at VIV 7785 Sahara Ave. Suite 101. The total value of the transaction was $ 110,763. Travis Laub of Sun Commercial Real Estate Inc. represented the tenant, Virtus Commercial LLC.
• Cork Distributors LLC leased approximately 8,607 square feet of industrial space in Hughes Airport Center at 950 Pilot Road. Jake Higgins of CBRE represented the landlord and the tenant.
• A lease to Foster Kinship for a 37-month term. The 4,520-square-foot industrial property located within Northport Business Center at 3945 W Cheyenne Ave., Suite 201 in North Las Vegas. Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, MCA IGF Northport, LLC.
• A lease to Destanee Jang and Donghoon Yoo, as individuals for a 37-month term. The 8,000-square-foot industrial property is located within Greyhound Industrial Park at 6230 Greyhound Lane, Suite G. Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, B&C Properties Inc.
• A lease to Visionaries Inc., a Nevada corporation. The 2,567-square-foot office property is located within Sunset Airport Center at 6375 S Pecos Road, Suites 200 & 201. Chris Connell, SIOR, and Grant Traub, SIOR, of Colliers International represented the lessee.
• A lease to DraftKings Inc., a Delaware corporation for a 130-month term. The 89,461-square-foot office property is within UnCommons at 8590 W. Maule Ave., Building 1 in the southwest valley. Patti Dillon, SIOR; Taber Thill, SIOR; and Megan McInerney of Colliers International represented the lessee.
• A lease to AC LLC, a Nevada limited liability company. The 1,433-square-foot office property is within Airport Corporate Center at 376 E Warm Springs Road, Suite No. 135. Grant Traub, SIOR, and Chris Connell, SIOR, of Colliers International represented the lessor, Airport CC LLC, a Nevada limited liability company.
• A lease to Desert Oil Collection LLC for a 36-month term. The 1,360-square-foot industrial property located within Donovan Business Park at 4550 N Donovan Way, Suite 118 in North Las Vegas. Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, WBCS DICE LLC.
• A lease to ENF Recycle LLC for a 38-month term. The 5,000-square-foot industrial property is within Greyhound Industrial Park at 6230 Greyhound Lane, Suite K. Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, B&C Properties Inc.
• A lease to Rapid Response Monitoring Services Inc. for a 91-month term. The 13,481-square-foot office property is at 2495 Village View Drive, Suite 100 in Henderson. Patti Dillon, SIOR; Taber Thill, SIOR; anMegan McInerney of Colliers International represented the lessee.
• A lease to Thomas Floors, a Nevada corporation, for a 62-month term. The 4,981-square-foot industrial property is within Highland Industrial Center at 2910 S. Highland Ave., Suite J. Chris Connell, SIOR, and Grant Traub, SIOR, of Colliers International represented the lessor, FKC Highland LLC, a Delaware limited liability company.
• A lease to Mosaic Commerce Center LLC for a 12-month term. The 1,134-square-foot industrial property within Donovan Business Park at 4560 N Donovan Way, Suite L. Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, WBCS DICE LLC.
• A lease to Mosaic Commerce Center LLC for a 12-month term. The 1,131-square-foot industrial property within Donovan Business Park at 4560 N Donovan Way, Suite D. Gabe Telles, Chase Pavlov and Ryan Hendershot of Colliers International represented the lessor, WBCS DICE, LLC.
• A lease to United Security Services Inc., a Delaware Corporation for a 24-month term. The 1,329-square-foot office property is located within Flamingo Grand Plaza at 1050 E Flamingo Road, Suite N-147. Chris Connell, SIOR, and Grant Traub, SIOR, of Colliers International represented the lessor, FKC Flamingo LLC, a California limited liability company.