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
The Crossroads Apartments is a well maintained 90s vintage asset at the cusp of the high-end Summerlin submarket, nearby the College of Southern Nevada and the US-95 freeway . The asset itself has a total of 32 units (883 SF average), covered & uncovered parking and a current strong pride of ownership. Crossroads is poised to benefit from its unique location, high occupancy rate, and its strong current collection trends.
With in-place rents currently averaging $853 per month, or $0.97 per SF, Crossroads offers investors the unique opportunity to acquire a 90s vintage asset with under market rents. This is especially attractive with the location of this type of asset, as Crossroads is located near the heart of West Las Vegas in a highly desirable submarket.
Las Vegas, NV 89146