Las Vegas, NV -Sperry Van Ness International Corporation (SVNIC) has announced the $19.65 million sale of Indigo Creek, a 210-unit Class A multifamily property in the Summerlin submarket of Las Vegas. The property is located at 2200 Club Pacific Way near the 95 Freeway and Lake Mead Blvd.
David Baird and Brandon Baird of SVNNV’s Las Vegas office represented the buyer, San Francisco-based FPA. Michael Miyagishima of SVNIC’s San Francisco office represented the seller, San Francisco-based Tomanek.
“Las Vegas is in the early stages of recovery,” said David Baird, managing director. “Multifamily is arguably the strongest property sector for investment as the demand for quality rental units holds steady. Additionally, rental rates – which are still far below peak levels – offer plenty of room for value creation for an owner as rents are anticipated to continue to rise over the months and years to come.”
Baird added that the property was a non-distress sale and the closing cap rate was a low 5.5 percent.
Indigo Creek includes 21 buildings and is situated on 8.52 acres of land. Community amenities include a fitness center, clubhouse, business center, playground, pool, and spa. There are 25 one-bedroom/two-bathroom units; 151 two-bedroom/two-bathroom units; and 36 three-bedroom/two-bathroom units with monthly rents ranging from $749 to $925. At the close of escrow, the community was 95 percent leased.
About Sperry Van Ness International Corporation
Sperry Van Ness International Corporation, a commercial real estate services franchisor, is the 10th most recognized commercial real estate brokerage in the U.S., according to the annual Lipsey Survey. The Sperry Van Ness organization includes more than 175 locations in 36 markets. With headquarters in Irvine, Calif., Sperry Van Ness Commercial Real Estate Advisors provide brokerage, tenant representation, consultation, asset management, property management, leasing, accelerated marketing and auction services. Sperry Van Ness advisors represent clients in office, multifamily, retail, industrial, self-storage, hospitality, marina and land transactions. All Sperry Van Ness® offices are independently owned and operated. For more information, go to www.svn.com.