Las Vegas Complex Fetches $3.9M

LAS VEGAS, CA-A Las Vegas multifamily complex with ground-floor retail has sold in a transaction valued at $3.9 million. The property, Park Avenue Apartments, includes 152 multifamily units and a ground-level market. It was 65% occupied at the time of sale.

The seller, UBS/Warburg, was represented by Melissa Salas of the Las Vegas office of Colliers Seeley International Inc. Salas’ colleagues Catherine Rubenstein and Angela Salso of Colliers’ Downtown Los Angeles office acted on behalf of the buyer, Carson Avenue Partners, a limited liability company formed in Nevada by James E. Wolf and several minority members. First Savings Bank of Las Vegas provided a first Deed of Trust in the amount of 75% loan to value.

This recent acquisition marks the first Las Vegas purchase for Wolf, who owns nearly 1,000 apartment units located in Los Angeles County. His LLC plans to spend approximately $125,000 on Park Avenue Apartments, in order to bring the property up to market conditions.