143-Unit Luxury Brownstone Apartments in Las Vegas Sells for $42 Million
LAS VEGAS, NV – Brownstone Apartments, a 143-unit luxury apartment community located in the Las Vegas neighborhood of Centennial Hills, has been purchased by Irvine, California-based SB Real Estate Partners (SBREP) for $42 million in an off-market transaction.
As a result of the purchase, SBREP has officially re-branded Brownstone Apartments as Portola Centennial Hills. The acquisition of the property now brings SBREP’s holdings in the Las Vegas Valley to a total of 640 apartment units.
The newly-christened Portola Centennial Hills, originally constructed in 2022, is located at 7531 Tule Springs Road, approximately 15 miles northwest of The Strip, and is situated within walking distance of numerous lifestyle amenities, including coffee shops, restaurants, Sprouts Farmers Market, and Pop Squires public park.
The complex offers deluxe luxury finishes for all of its apartment homes, with one, two, and three-bedroom layouts available; the 143 units are spread out amongst nine low-rise buildings, and amenities include a clubhouse, a resort style pool, barbecue areas, a 24-hour fitness center and tuck-under garages.
In addition, SBREP is planning on making several improvements for tenants, including offering a Smart Home tech package and minor upgrades to common areas.
SBREP Founder & Managing Principal, Srijin Bandyopadhyay, noted that the Las Vegas market has become a high-priority location for his firm’s investments, with plans to continue to acquire real estate there persisting into the near the future.
The Las Vegas metro has one of the lowest supply pipelines in the country when compared to other high-octane growth markets across the Sunbelt, with the Centennial Hills submarket having virtually no future supply over the next few years,” Bandyopadhyay said. “Given that backdrop of favorable supply/demand balance, along with other supportive multifamily fundamentals, SBREP plans to remain an active buyer in the Las Vegas [Metropolitan Statistical Area].”
Shelter Realty Property Management specializes in the areas of Henderson, Las Vegas and North Las Vegas, NV. Feel free to give us a call at 702.376.7379 so we can answer any questions you may have.
Christopher Boyle is an expert investigative journalist for SEARCHEN NETWORKS® and reports for independent news and media organizations in the United States. Christopher keeps a keen-eye on what’s happening in the Vegas real estate market on behalf of Shelter Realty Property Management