Las Vegas Strip-Adjacent Palms Apartments Complex Sells for $33 Million to Undisclosed Buyer
LAS VEGAS, NV – The Palms Apartments, an apartment complex adjacent to the famed Las Vegas Strip, has been sold for $33 million, via an announcement last Wednesday by the real estate agents that brokered the deal.
The 200-unit apartment building, located at 713 East Sahara Avenue, was purchased from Miami-based Florida East Coast Realty, LLC by an undisclosed buyer on May 2 via a limited liability company based out of California, according to Clark County property records.
The garden-style Palms Apartments is a two-story building that offers units ranging in size from 700 to 1,500 square feet, and offer floor plans that have up to three bedrooms and two bathrooms, according to Thomas Dean of Coldwell Banker Commercial Premier, who represented the buyer.
“This older, vintage property provided my client with a great value-add opportunity in a very hot market,” he said. “They have an extensive Capex plan and are excited to add this to their Las Vegas portfolio.”
Las Vegas has been experiencing a large number of apartment building sales in 2022; Topaz and Viridian, two large apartment communities that are located adjacent to one another on West Viking Road, were announced as having been sold earlier in May in an off-market transaction worth a total of $129.7 million.
In addition, in March the 220-unit luxury apartment complex South Beach was bought from Griffin Capital Company by San Diego real estate firm Logan Capital Advisors for $97.5 million, and Fremont9, a ritzy apartment complex located in Las Vegas’ downtown area whose constriction was funded by late entrepreneur and former Zappos CEO Tony Hsieh, sold for $80 million and will soon be christened with a new name.
And finally, Jade, a 287-unit luxury apartment complex located near the Rio in the Las Vegas Valley, sold for $124.5 million in late January.
Shelter Realty is a Real Estate and Property Management Company specializing 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.