Class-C apartment sales reflect strong economic diversity and growth in Southern Nevada
LAS VEGAS—Jan. 30, 2018—Cushman & Wakefield today announced it has negotiated the sale of two multifamily communities in Las Vegas, reflecting a growing demand for Class C apartments. Promenade at Sahara, is a 312-unit apartment community located at 4801 East Sahara, Las Vegas 8104. It was built in 1983, and sold for $23.3 million. The Santa Fe is a 145-unit community located at 3955 East Charleston Blvd. Las Vegas, NV 89014. It was built in 1988 and sold for $11.5 million.
Taylor Sims and Carl Sims of Cushman & Wakefield represented Prime Residential, sellers of Promenade at Sahara and Charleston Terrace, LLC, sellers of Santa Fe, in the transactions.
“These two apartment communities are part of a growing list of Class C multifamily communities that, in recent months, has become very attractive to investors,” Taylor Sims, Director at Cushman & Wakefield in Las Vegas. “Investor interest in Class C apartment communities is a sign that the drive for economic diversification away from primarily gaming, in southern Nevada, is having a positive impact. We’ve seen new growth in manufacturing, distribution, construction, healthcare and other industries, resulting in a strengthened blue-collar workforce that needs workforce housing with reasonable rents.”
Sims said the demand for low B and high C-Class communities is heating up. “It speaks to how much demand there is for blue-collar housing in Las Vegas,” he said. “Investor interest has been piqued by the demand driven by the delta in workforce housing & lifestyle assets. We received 21 offers & 213 signed confidentiality agreements on the Promenade at Sahara offering, and we’re under contract on another 300-unit asset in the same zip-code.”
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Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
Senior Agency Director