Sunrise Springs Apartments

$24,000,000

Posted: 6/1/2018
192 Units
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About

About Sunrise Springs Apartments

Offers due:  Wednesday, July 18, 2018

The Sunrise Springs Apartments were built in 1989, consists of 192 units, and contains a desirable mix of one-bedroom, two-bedroom, and three-bedroom layouts, averaging 859 square feet. Each unit has a washer / dryer and common area amenities include indoor and outdoor pools, clubhouse, playground, and BBQ / picnic areas. This property is located in a pocket of Las Vegas that is Henderson adjacent and presents a unique opportunity to achieve higher yields through renovations & rent growth.

The property has excellent exposure on major roadways, such as Boulder Highway, and is nearby major employment hubs such as Union Village and the Galleria Mall. The asset is across the street from Arizona Charlie’s, and within minutes of The Eastside Cannery, Sam’s Town, Boulder Station, and numerous other hotels & casinos. Additionally, the Sunrise Springs is conveniently located just 20 minutes from the world-famous Las Vegas Strip.

Rent growth in this submarket is number two among the submarkets in the Las Vegas metropolitan area and is projected to remain above the 5% level for 2018, and at 4.6% in 2019. Through continued and more intensive interior renovations like new appliances, cabinet paint, and resurfaced countertops, rent growth of 10-15% is common. There is a clear path to grow rents beyond this, as RUBS may be increased, and other income can grow through packages such as cable/internet, offering an additional $50,000 to $75,000 in income potential.

Buyer must assume the current loan of approximately $11.7M through Berkley Point. Supplemental proceeds are available, and more information can be accessed from the dedicated property website. The offering has been priced at $24M. Please review all documents (PSA samples, operating statements, supplemental estimates, addendums, etc.) before placing a formal offer.

0.75% co-broker fee

Documents

Brochure