The complex sold at an 8.6% cap rate, according to Jason Phillips, a Marcus & Millichap broker in the Ontario, CA office who worked on the transaction. Completed in 1999, the property was about 91% occupied at sale time, he adds. Located at 5060 W. Hacienda, the property boasts a clubhouse, gym, pool, spa and carports.
Phillips and Alex Garcia, also of Marcus & Millichap, represented the seller, Las Vegas-based Phylis Friese, and the buyer, San Francisco-based TIC Developers. Las Vegas multifamily product has been experiencing a 2% to 3% increase in vacancy levels in recent months, according to Phillips. "Vegas has taken a little bit of a hit since Sept. 11, but it's holding fairly steady," Phillips says.
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