Calida Grows Vegas Portfolio With 180 Units
- Mar 16, 2018
The Calida Group has acquired a 180-unit community located in the western part of Las Vegas. Hampton Garden traded for $27.5 million, with Pacific Coast Capital Partners providing a $24 million senior loan to the buyer.
A CBRE team arranged the financing package on behalf of Calida, with the capital used both for acquisition and renovations to the community. Located at 9750 Peace Way, Hampton Garden comprises 16 buildings, with a floorplan mix of 48 one-bedroom and 132 two-bedroom units. Sizes range from 800 to 1,100 square feet. Common amenities include:
- fitness center
- swimming pool
- picnic areas
- 200 parking spaces
The neighborhood surrounding Hampton Garden presents multiple dining, entertainment and shopping destinations, including a Walmart Supercenter. The Bruce Woodbury Beltway, just east of the property, provides access around the Vegas metro area.
Many large-scale developments in Las Vegas are underway, consequently spurring multifamily projects as well, with around 11,000 units in the planning and permitting stages. According to PCCP LLC, the Summerlin/Spring Valley area is a consistently top-performing submarket, with robust absorption on the employer and renter side alike.
Image courtesy of Yardi Matrix