The Cushman & Wakefield Multifamily Advisory Group, in conjection with Newmarket Advisors, is pleased to present this confidential memorandum to purchase the 184-unit CasaBella apartments in Las Vegas, NV. The asset is comprised of two phases, the 120-unit CB1 and the 64-unit CB2. CB1 is located at 4965 South Nellis Boulevard, while CB2 acts as a satellite and is located one block down Tropicana Avenue, at 4961 Mountain Vista Street. CB1 is complete and sitting above 95% occupancy and CB2 is currently in lease-up with expected stabilization in the coming months, thus eliminating lease-up risk for prospective investors while providing the opportunity to purchase a quality 2020 vintage asset.
The CasaBella is located on Tropicana Avenue, just east of the I-95 expressway. The property is located less than 10 minutes from UNLV and has access to major freeways and sits in a highly-trafficked submarket with a high density of upper blue-collar workforce housing.
Currently, the average market rent is $1,220 and the average in-place rent of $1,093 per month. These rental rates provide investors the opportunity to push rents higher after acquisition, as older comps in the area are pushing rents as high as $1,550 per month. The market leader for rents in the submarket is The Avenue apartments, located across the street from CasaBella, at 4800 East Tropicana Avenue.
Las Vegas, NV 89120