LAS VEGAS-Colonial Properties Trust of Birmingham, AL has acquired the 341-unit Colonial Grand at Palm Vista apartments at 6300 McCarran St. for $40.9 million in what is the first sale of a class A apartment complex in the Las Vegas market in at least 36 months, according to Lee & Associates brokers who represented the buyer. The Lee team included Jim Fisher, a principal with Lee & Associates-LA North/Ventura Inc and Stephen Peters, a principal with Lee & Associates-Investment Services Group.

The transaction was an off-market deal that closed all-cash in 27 days, according to Fisher and Peters. Said Fisher: “Colonial Properties Trust came back into the market after exiting it in 2007 with very specific requirements for multifamily acquisitions, and we were able to identify an off-market opportunity that met its requirements within four weeks." Peters added, “Colonial Properties was able to acquire this premier asset at a valuation that satisfied our client’s yield requirements and closed the deal quickly for the existing ownership, creating a win-win for both the buyer and seller."

The seller of Colonial Grand at Palm Vista was Ovation-AGT LLC, who represented themselves. The occupancy at time of sale was in the mid-90% range.

The property is one of three acquisitions Colonial Properties, a REIT, recently made with funds from the close of a $100 million “at-the-market” equity offering program and an unsecured credit facility. The complex is a private, gated property of apartments ranging from one to three bedrooms and from 786 square feet to 1,236 square feet with patios and washer/dryers and community amenities including a clubhouse, fitness center, a European pool and spa.