Las Vegas apartment complex sells for $67M

A California real estate firm has expanded to Las Vegas with the purchase of a southwest valley apartment complex.

SB Real Estate Partners announced Tuesday that it acquired The Russell, a 241-unit property, for $67 million.

The rental complex, 9620 W. Russell Road, between Fort Apache Road and Grand Canyon Drive, will be rebranded as Portola on Russell, according to a news release.

Its amenities include a fitness center, playground, sand volleyball court and putting green.

The property was 98 percent leased at the time of sale.

SB Real Estate founder Srijin Bandyopadhyay said in the news release that his firm is “committed to building out a substantial portfolio” in the Las Vegas area over the next 12 months, with more than $100 million of acquisitions slated to close through the first quarter next year.

SB was launched in 2017, and its purchase of The Russell marked the firm’s “entry into the Las Vegas real estate market,” the release said.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.