Illinois firm buys second Las Vegas Valley apartment complex

Oak Residential Partners announced last week that it bought the 124-unit Madison at Black Mountain rental complex in Henderson.

It did not disclose the purchase price, but property records indicate that it bought the complex for $19.6 million.

Madison at Black Mountain, 640 E. Horizon Drive, was built in 1994, Clark County records show. In its news release, Oak Residential said that it “plans to spend significant capital dollars to modernize the community,” including new flooring, stainless steel appliances and resurfaced counters.

In January 2018, Oak announced that it teamed with partners to buy The Avenue, a 252-unit apartment complex at 4800 E. Tropicana Ave.

Oak, based in Deerfield, Illinois, did not announce that purchase price either, but property records show the buyers paid $32.75 million.

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