The 321-unit Rancho Del Norte at 770 West Lone Mountain in NorthLas Vegas was acquired by the James P. Hanson AccountancyCorporation for $19.32 million. The seller was Rancho Del NorteLtd. The property, located near Interstate 15, includes a mix oftwo- and three-bedroom units that were 95% leased at the time ofsale. The age of the 21-building property was not immediatelyavailable. Common-area amenities include a gym, recreation room andprivate swimming pool.

In the other transaction, the 24-building, 353-unit DecaturVillas at 3318 Decatur Boulevard was acquired by LV Decatur LLC for$20.18 million. The seller was Tucson Partners Inc. Built in 1998,the wood-frame and stucco property was 95% leased at the time ofsale. The 19-acre property features two- and three-bedroom units aswell as a gym, recreation room and private swimming pool.

David Baird of Sperry Van Ness represented both sides of bothtransactions. With regard to the Rancho Del Norte transaction,Baird says the property will provide "a great return on investment"for the new owner in part due to "very little competition fromapartment communities in this area." Decatur Villas, says Baird,"is conveniently located near Interstate 95, providing easy accessto surrounding submarkets."Only two other multifamily markets, thehighly regarded Southern California markets of San Diego and theInland Empire, performed better than Las Vegas in the first quarterof 2003, according to the latest report from RealFacts, amultifamily research firm

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