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Large multifamily properties in Las Vegas sells to New York firm

Cushman &Wakefield Commerce announced the sale of two apartment buildings in Las Vegas to a New York-based firm in December.

The buyer, a subsidiary of Angelo, Gordon and Co., bought three properties. Two of them were in Las Vegas. The multistate deal was valued at $41.5 million. The seller was a global corporation based in China.

One of the Nevada properties in the deal was Gloria Park Villas at 3625 S. Decatur Blvd, which sold for nearly $20 million. The property contains 240 units and has several amenities, including gas barbecues with seating, mini storage units, private garages, a 24-hour fitness center and a clubhouse with a movie theater.

The second multifamily building was Tower at Tropicana, a 260-unit property at 6675 W. Tropicana Ave. The gated community contains a 24-hour fitness center and gas barbecue with seating for community use.

“The Las Vegas market has seen a large amount of portfolio sales this year, and if it continues through the end of the quarter, it could spell a record year in terms of sales volume,” said Taylor Sims, director of multifamily investment sales for Cushman &Wakefield Commerce’s Las Vegas office. “We are honored that a company of such magnitude enlisted our team.”

Las Vegas VALLEY multifamily rents surge ahead

The Las Vegas multifamily sector had the fourth largest increase in average rents nationwide across all product types during a three-month period from September to November, according to a report released by Yardi Matrix.

Las Vegas’ average rents rose by 0.3 percent between September and November, the report stated.

The region with the largest growth in that time period was Orange County, California, followed by Richmond, Virginia, and Phoenix.

The local area’s rents grew by roughly 6 percent over November 2015. That put the region at No. 13 for growth. But Las Vegas still managed to stay ahead of the national average of 5.5 percent growth over November 2105.

On a national level, average rents fell by 0.2 percent during the three-month period.

Also on the national level, rents have been tapering off, which often happens during the winter season. Few people move during that period in many parts of the country, the report stated.

The report also pointed to an ongoing supply-demand imbalance in the luxury sector in many markets, with a drop in the amount of luxury product being built.

The decline in new product in the luxury sector, on the national level, from September to November, was 0.2 percent.

Overall, rents fell by $2 from September to November to $1,214, down $5 from a peak in August.

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