Las Vegas apartment complex fetches highest price in Nevada history
In another sign of Las Vegas’ heated rental market, a sprawling apartment complex has sold for the highest price in Nevada history, according to a broker on the deal.
TruAmerica Multifamily announced Monday that it acquired Allanza at the Lakes with an undisclosed partner for $152 million.
The 896-unit complex, off Durango Drive just south of Sahara Avenue, is the fourth-largest apartment property in Nevada, according to the news release.
Los Angeles-based TruAmerica said it now owns around 4,000 units in Nevada and is one of the largest apartment landlords in the state.
Southern Nevada’s apartment market has heated up over the past several years with increased construction, lucrative investor purchases and fast-rising rents that have stretched affordability for some tenants. Vacancies are also tight, but amid the surge of new projects and higher rental prices, buildings aren’t as full as they used to be.
Allanza, 8600 Starboard Drive, spans 40 acres and is one of a handful of rental properties in the valley that sold near or above the $100 million mark the past few years, property records show.
Listing broker Thomas Olivetti of NorthMarq said his group determined Allanza traded for a record price after searching sales data on commercial real estate sites CoStar and Yardi Matrix.
Olivetti said he’s not aware of any apartment complex in Nevada that has sold for a higher sum, and one reason Allanza fetched so much money was its big tally of apartments.
“It’s a massive property,” he said.
He also cited its location and said the complex was 94 percent occupied as of last month.
Allanza sold for around $170,000 per unit, above last year’s market average of about $131,500 as reported by brokerage firm Colliers International, but nowhere near some other deals.
South Beach, a 220-unit complex in the southwest valley that is heavy on amenities, sold last year for $62 million, or more than $281,800 per unit.
Lotus, a 295-unit project in Las Vegas’ Chinatown area, sold last year for $76.7 million, or $260,000 per door.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.