Las Vegas Condo Portfolio Sells for $75M

Tonie Auer writes:

While the Las Vegas condo market continues to move slowly, two condominium complexes just sold to an undisclosed buyer for a combined $75.4 million.

San Diego-based Grubb & Ellis|BRE Commercial and Grubb & Ellis|Las Vegas facilitated the sale of the two complexes, The Crossing at Green Valley and Martinique Bay, both of which are located in the Vegas suburb of Henderson.

The seller of the Crossing at Green Valley (pictured) was the Crossing Apartments Las Vegas L.L.C. with WLA Investments Inc. as the managing member. The seller of Martinique Bay was the Martinique Bay Apartments Las Vegas L.P., also with WLA as managing member.

Both properties are located in the master-planned community of Green Valley within the city limits of Henderson. Situated less than one mile apart, both properties are approximately a 10-minue drive southeast of the Las Vegas Strip.

The portfolio had 24 bids before the $75.4 million sale. Brokers in the deal said the quick sale and the price demonstrate that Las Vegas continues to be an active and competitive market for multi-family investors, despite the over-supplied condo market.

"Any solid market still has a demand for quality buildings in a solid location, and Las Vegas is still growing,” noted Diane Miramontes, a principal with Grubb & Ellis Co., who represented the seller in the deal. “There was a run up in the housing market that affected everybody a little bit, but there will always be … people who want to live in nice spots and these are nice products," Miramontes told CPN today.