LAS VEGAS-Those who follow @GlobeStcom on Twitter and @GlobeStLIVE may have seen a post teasing the announcement, but GlobeSt.com has learned that CityCenter, the 67-acre urban center here on the Las Vegas Strip, has sold 427 residences for $119 million at Veer Towers. According to Bobby Baldwin, president and CEO of CityCenter, “A sale of this magnitude allows us to now concentrate on the sell out of the Residences at Mandarin Oriental, Las Vegas; our flagship residential property.”
Each tower at Veer Towers features 335 residences, including studios, one-, two- and three-bedroom flats, and penthouses ranging from 500 to nearly 3,300 square feet. The deal reflects the sale of 427 of 438 remaining Veer Towers units previously held as developer inventory, says a prepared statement. The remaining Veer inventory includes 11 penthouses, which CityCenter Residential intends to sell.
“This significant sale affirms the superior quality and premium value of CityCenter residential products and comes at a time when the Las Vegas housing market is seeing sustained improvement,” says Tony Dennis, executive vice president of CityCenter Residential.
CityCenter Residential also oversees sales of the Residences at Mandarin Oriental, Las Vegas, located on the upper half of the 47-story tower designed by Kohn Pedersen Fox Associates.
The Residences at Mandarin Oriental, Las Vegas comprise 225 exclusive residences, including one-, two- and three- bedroom homes ranging in size from approximately 1,110 to 4,000 square feet.
GlobeSt.com has learned that the buyer was LVT Owner LLC, which is managed by an entity with the same New York address as Ladder Capital.