Las Vegas apartment complex sells for $73M
A Southern California real estate firm has bought its second apartment complex in Las Vegas and plans to keep spending big in the region.
SB Real Estate Partners announced last week that it purchased the 256-unit St. Croix rental complex for $73.1 million.
The property, 6661 Silverstream Ave., near the U.S. Highway 95-Summerlin Parkway interchange, will be rebranded as Portola West Vegas.
Irvine, California-based SB Real Estate said it is planning a $4 million improvement program to upgrade unit interiors and common-area amenities and to enhance building exteriors and the complex’s “overall curb appeal.”
The firm, led by founder and managing principal Srijin Bandyopadhyay, entered Southern Nevada’s rental market this fall with its $67 million purchase of a 241-unit apartment complex in the southwest valley.
It said last week that it aims to invest an additional $300 million in the valley over the next 12 months.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.
