Las Vegas Apartment Complex, Just Opened One Year Ago, Sells for Nearly $80 Million
LAS VEGAS, NV – Just one year after opening their doors for business, the developers of a Las Vegas apartment complex have sold the rental property to new landlords for nearly $80 million.
Landing 36, located at 2555 North Rancho Drive at the intersection of Smoke Ranch Road, was developed by California-based Agora Realty & Management, who sold the facility late last month to an unnamed investment partner of PCE Holdings – a privately-held commercial real estate investment firm, also based in California – for $77 million, according to property records.
Jackson Cloak, managing partner at PCE Holdings, noted that the “total consideration” of the price paid for the rental complex – that is, not just the sticker price, but the ENTIRE value exchanged, encompassing cash, assumed debt, the fair market value of other assets – was actually closer to $79 million.
Landing 36 is a 308-unit property offering studio, one, two, and three-bedroom units with open-concept living areas and is situated upon a 12-acre plot across from North Las Vegas Airport and down the street from the new Hylo Park mixed-use development.
The complex boasts a plethora of amenities for tenants, including a luxury pool with shaded seating; quartz kitchen countertops and stainless-steel appliances; a fitness studio with cardio and strength equipment; a “tot lot” recreational space for children; grilling and entertainment zones; smart apartment home features like keyless entry and energy-efficient smart thermostats and lighting; and access to a clubhouse with Wi-Fi and coffee lounge.
There are also numerous eateries within a short distance to Landing 36, including Mezzo Bistro and Wine, Leticia’s Cocina and Cantina, Camino Real Mexican Restaurant & Cantina, John Mull’s Meats & Road Kill Grill, Lalo’s Mexican Grill, Esther’s Kitchen, Carson Kitchen, and The Kitchen at Atomic.
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