LAS VEGAS-The 124-unit Santa Fe Shadows apartment property here has changed hands for $12.02 million, or $97,000 per unit. The Jung Family Trust sold the property to Santa Fe 124 LLC, a Vegas-based buyer that obtained acquisition financing from Nevada State Bank.
Built in 1989 on 4.7 acres at 1111 Warbonnet Way, Santa Fe Shadows contains a mix of one- and two-bedroom units in 12 two-story buildings. Property amenities include a resort-style pool and a clubhouse.
The owner plans to reposition the asset by implementing several capital improvements, including new exterior paint, clubhouse renovations and interior upgrades to each unit, according to the brokers in the transaction. The brokers were Michael Shaffner (Las Vegas) and Peter Katz (Phoenix) of Marcus & Millichap.
"With below market rents, this property is an excellent investment in a city with high barriers to entry," Katz says.
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