Marcus & Millichap announced the sale of the 312-unit Rancho Viejo Apartments in Las Vegas.
The transaction was valued at $28.9 million.
Rancho Viejo Apartments is located at 7885 W. Flamingo Road. The property was constructed in 1997 to condominium specifications and the complex has been condo-mapped, providing the buyer a turnkey option of converting and selling the individual units as condominiums.
The sale includes 298,360 rentable square feet on approximately 20 acres. The unit mix is comprised of 96 one-bedroom, 176 two-bedroom and 40 three-bedroom apartments, which range in size from 745 to 1,205 square feet. Monthly rental rates range from $695 to $1,085. Occupancy is 91 percent. The sales price represents $92,542 per unit and $97 per square foot.
Tom Hedgecock and Barry Ross, investment specialists in Marcus & Millichap’s Las Vegas office, secured and represented San Diego-based Sovereign Capital Management in acquiring the asset. The seller is a Salt Lake City-based investment group.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage that focuses on real estate investments.
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