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| Indigo Creek apartments, 2200 Club Pacific Way, Las Vegas, NV |
Las Vegas, NV (Aug. 28, 2013) Sperry Van Ness International
Corporation (SVNIC) has announced the $19.65 million sale of Indigo Creek,
a 210-unit Class A multifamily property in the Summerlin submarket of Las
Vegas. The property is located at 2200
Club Pacific Way near the 95 Freeway and Lake Mead Blvd.
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| David Baird |
David Baird
and Brandon Baird of SVNNV’s Las Vegas office represented the buyer, San
Francisco-based FPA. Michael Miyagishima of SVNIC’s San Francisco office
represented the seller, San Francisco-based Tomanek.
“Las Vegas is in the
early stages of recovery,” said David Baird, managing director. “Multifamily is
arguably the strongest property sector for investment as the demand for quality
rental units holds steady.
“Additionally, rental rates – which are still far below peak
levels – offer plenty of room for value creation for an owner as rents are
anticipated to continue to rise over the months and years to come.”
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| Michael Miyagishima |
Baird added that the
property was a non-distress sale and the closing cap rate was a low 5.5 percent.
Indigo Creek
includes 21 buildings and is situated on 8.52 acres of land. Community amenities include a fitness
center, clubhouse, business center, playground, pool, and spa.
There are 25
one-bedroom/two-bathroom units; 151 two-bedroom/two-bathroom units; and 36
three-bedroom/two-bathroom units with monthly rents ranging from $749 to $925.
At the close of escrow, the community was 95 percent leased.
For a complete copy of the company’s news release, please
contact:
David Ebeling
Ebeling Communications
949.861.8351
949.278.7851 (Cell)
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