Cushman & Wakefield | Commerce Negotiates $15,900,000 Purchase of 455 Extended-Stay Apartment Units in Las Vegas
LAS VEGAS—Jan. 24, 2013—Cushman & Wakefield |Commerce (www.comre.com) announced it has brokered the purchase of 455 extended-stay apartments in Las Vegas, Nev. in two separate transactions totaling $15,900,000 for Hall Equities Group of Walnut Creek, Calif.
In the first property, which is located just off the Las Vegas Strip and across the street from the Wynn Resort and golf course, Geoffrey West, Director of Investments/Apartments for Cushman & Wakefield | Commerce (Nevada) represented Hall Equities Group in its purchase of the property from Garrison Commercial Funding, LLC. The purchase consisted of 359 extended-stay apartment units totaling 143,280 SF located at 3684 Paradise Road, Las Vegas, NV for $11,000,000.
In the second transaction West and Stephen Wilson, Associate Investments/Apartments, also with Cushman & Wakefield | Commerce (Nevada), represented Hall Equities Group in the purchase of 96 extended-stay apartment units totaling 52,560 SF located at 4777 Cameron St. Las Vegas, NV for $4,900,000. This three-story extended-stay property was purchased from Metzia Holding, LLC.
“There is strong demand for quality extended-stay apartment properties in this market,” West said. “Being centrally located near the Strip and the Las Vegas Convention Center, the Paradise Road property provides a location that is extremely conducive to residential, business, and leisure occupancy in the heart of Las Vegas and the Tropicana Avenue property provides a complementary location with close proximity to major employers on the Strip and the surrounding area.”
When combined with its prior purchase of the 396 unit Emerald Suites extended-stay apartment property in May 2012 for $18,500,000, Hall Equities Group now controls three extended-stay properties totaling 851 units in Las Vegas, Nevada.
About Cushman & Wakefield | Commerce
Cushman & Wakefield |Commerce, an independently owned and operated member of the Cushman & Wakefield Alliance, has been the leading provider of real estate brokerage services for more than 30 years. Headquartered in Salt Lake City, the firm has offices throughout Utah, Nevada, Idaho and Washington. It offers consulting, brokerage, tenant and landlord representation, property and facilities management, and valuation services to corporations, institutions and investors throughout the Intermountain West and Pacific Northwest. For more information, and for property listings, broker information, market category reports and more visit www.comre.com.
About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $4 billion in assets under management through its wholly‐owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge.