Built in 1996 on 16 acres at 325 N. Gibson Road, near theGalleria Mall, Villa Serena includes a mix of one-, two- andthree-bedroom units with walk-in closets, full-size washers/dryersand nine-foot ceilings. Nit sizes range from 734 sf to 1,320 sf.Spence Ballif and Jeff Swinger of CB Richard Ellis representedSentinel in the transaction.

The transaction is one of only six apartment properties over 100units to trade in the Las Vegas Valley since the start of the year,according to research by local broker Michael Belnick, a specialistin the apartment market. Last year 12 plus-100-unit propertieschanged hands in the first quarter and 42 changed hands for theyear. In 2006, 64 large properties changed hands and 90 suchproperties changed hands in 2005.

The Edgewater sale translates to $124,500 per unit, which ispretty consistent with comparable first quarter sales. In February,the 272-unit Copper Hills in Henderson, which is six years older,sold for $121,000 per unit. In Vegas, the 184-unit Rancho Destinoapartments built in 1998 sold for $131,000 per unit in Februaryand, in March, the 120-unit Retreat apartments built in 1996 soldfor $125,000 per unit.