(Read more on the multifamily market.)

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LAS VEGAS-A 402-unit apartment property here has changed handsfor $42 million. American Properties Development of Seattle soldthe National Commercial Ventures of Los Angeles.

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Built in 1998 at 1200 W. Cheyenne Ave. in North Las Vegas, theproperty has a high percentage of two- and three-bedroom units. Theweighted average unit size is 991 sf and the weighted average rentis $890.

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The lead broker in the deal, Peter Katz of Marcus &Millichap, tells GlobeSt.com that the cap rate on in-place 2007income is sub 5%, a figure the new owner thinks it can increasefairly quickly. Current rents are estimated to be between 10% and15% below market, he says.

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"These are good looking sticks and bricks," Katz says. "Thebuyer believes that with some updating and better qualitymanagement it will be able to move rents and drive value."

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National Commercial Ventures has acquired and sold off severalVegas properties in recent months. It sold Hesperian Falls,Riverbend Village and Hesperian Falls for a combined total of $53.5million. It acquired Emerald Bay Apartments for $32.1 million. Thecompany could not be reached Monday for comment.

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