Investors are finding challenges finding acquisition opportunities in Las Vegas. Last year, the Las Vegas market grew in popularity, thanks to local economic and job growth and better returns for investors. The increased competition has quickly led to compressed cap rates in the market, making it difficult for investors to get the returns they are expecting.

“Relative to what we've seen out there, we cast a fairly wide net when identifying investment opportunities,” Eytan Peer, president of acquisitions at Oak Residential Partners, tells GlobeSt.com. “Even still, the market remains extremely competitive. In the past couple years we've seen a compression of cap rates fueled by tremendous amounts of acquisition capital coming into the market.”

Oak Residential Partners recently purchased the 124-unit Madison at Black