Kislak Group Buys Southwest Las Vegas M-F Asset for $29.3M
- Nov 20, 2014
As a deal recently completed by the Kislak Organization shows, signs are pointing n multi-family investment market that continues to exceed expectations. The Miami Lakes, Fla.-based firm recently paid $29.3 million for the Alicante Villa Apartments, a 232-unit complex in south Las Vegas.
The transaction between Kislak and seller Alicante Villa Apartments, LLC was arranged by Jeffrey Swinger and Spencer Ballif of CBRE Group Inc. Andrew Behrens, vice chairman with CBRE Capital Markets’ Debt and Structured Finance Institutional Group, secured acquisition financing through Freddie Mac.
Alicante Villa Apartments is located in the city’s fast-growing southwest area, which offers attractive retail and dining choices as well as major employment centers. Also nearby is Downtown Summerlin, the 1.6 million-square-foot shopping, dining and entertainment district that opened its doors last month.
Developed in 2001, Alicante Villa offers amenities that include a pool, spa, health center, a barbecue area,a community courtyard, a business center and a controlled-access gate. Kislak is considering upgrades of unit interiors, clubhouse, amenities and exterior. The asset includes one-, two- and three-bedroom units with spacious kitchens and walk-in closets. Alicante Villa also offers views of the nearby mountains.
According to Thomas Bartelmo, the CEO of the Kislak Organization, the company has been observing the market “very closely” and the company moved for Alicante Villa as a result. Bartelmo also noted that “we are continuing to look for opportunities to expand our presence in this dynamic city.”
Image courtesy of alicantevillaapts.com