Las Vegas

Infinity Realty Advisors recently announced that it has acquired the Grandview and Sunwood apartments in Las Vegas, in what is the largest deal of its kind completed in Las Vegas this year. The new owner is a joint venture created between Asia Pacific Company and Jiangxi Hengmao Real Estate Development Co. According to Infinity’s CEO, Eddy Chao, the purchase will provide opportunity for a value-add cash-flow investment. Chao also noted that the new owner “received very favorable financing from Freddie Mac for a 10-year fixed rate.”

One of the Las Vegas Strip’s most recognizable properties is coming under new ownership. Penn National Gaming has agreed to purchase the Tropicana Las Vegas for $360 million.

The Fiesta Plaza retail center in North Las Vegas was recently acquired by West Coast-based entity Agora Realty & Management. The buyer paid the private seller a total of $12,950,000 for the grocery-anchored shopping center, and then subsequently signed on a brand new tenant on a ten-year lease. It was recently reported that publicly-owned Conn’s Electronics will be taking over roughly a quarter of the total space available at Fiesta Plaza. Leasing activity at the newly acquired property will be handled by Las Vegas-based ROI Commercial Real Estate.

On the back of a solid home buying month in the Las Vegas area, KB Home recently revealed its latest residential community in the area. The homebuilder announced the opening of Portola Hills in Henderson, one of the areas of the Las Vegas Valley that has been shouldering a lot of the development load during recent years. The homes that are set to be built at Portola Hills will be customizable to the buyer’s liking.

FirstService Residential recently expanded its management portfolio as the company secured the property management contract for a Las Vegas area residential community. FirstService is adding the 1,000+ residential units of the Nevada Trails community to its 50 million square-foot property management portfolio. The Florida-based real estate services provider took over management duties at the community starting April 1.

A joint venture between The Bascom Group and funds managed by Oaktree Capital Management, L.P. recently completed the acquisition of a Henderson, NV multifamily asset. The $300 million venture now owns the Villa Serena community in the Las Vegas area, situated in the immediate proximity of the Union Village the first integrated health village in the world. Financing for the transaction was provided by Mesa West Capital in Los Angeles, and was arranged by CBRE Capital Markets representatives. The seller worked with CBRE representatives during the deal.

A large Las Vegas office asset was recently the subject of a financing deal, as CBRE Capital Markets’ Debt & Structured Finance team arranged $50 million for the Bank of America Plaza in Las Vegas, in the city’s downtown area. The bridge loan was arranged on behalf of Angelo, Gordon & Co. and City Center Realty Partners, with the finacing being sourced by Prime Finance.

A short while after Veer Towers hit the $100 million mark in sales, the Las Vegas condominium market hit another high. Completed by new Las Vegas brokerage Char Luxury Real Estate, the deal for the unfinished Crown penthouse at the One Queensridge Place was worth a record $7.7 million. The upscale residence was acquired by a Canadian buyer, in what is the highest priced property sold in the city year to date.