LAS VEGAS-The 337-unit Emerald Bay Apartments complex has changed hands for $32.13 million, according to Grubb & Ellis, the brokerage firm that handled the sale. The 319,215-sf, 37-building development sits on 14.26 acres at 4701 E. Sahara Ave., northeast of the Las Vegas Strip. The property is not mapped for conversion to condominiums.
The seller was Emerald Bay Apartments Las Vegas LLC of Newport Beach, CA, which acquired the building in July 2003 for $13.9 million, according to Clark County records. While G&E did not release the name of the buyer, county records list the new owner as Emerald Bay Apartments Nevada LLC and National Commercial Ventures LLC of Los Angeles.
Diane and Darcy Miramontes of Grubb & Ellis|BRE Commercial San Diego had the disposition assignment in cooperation with the Las Vegas office of G&E. The offering generated 12 offers, according to the Miramontes team.
The 37-building, gated complex houses 112 one-bed, one-bath units averaging 742 sf, 96 two-bed, one-bath units averaging 1,014 sf, and 128 two-bed, two-bath units averaging 1,167 sf. Each unit includes a full-size washer and dryer, high-speed Internet, a private patio or balcony with storage, and central heating and air conditioning. Some units have a fireplace and walk-in closets. Community amenities include two swimming pools, a heated spa, fitness center, basketball court, a newly renovated clubhouse, and barbecue and picnic areas.
The Las Vegas apartment market in 2006 posted year-over-year growth in average asking rents, while occupancy levels remained above 95%, according to a year-end report by Applied Analysis, a Vegas based advisory firm. The valley-wide average asking rents were $864 per unit per month by year-end, which represented a 4.7% increase over the $825 per unit reported at the end of 2005. Apartment unit sizes averaged 902 sf, resulting in a $0.96 per-sf rental rate. Occupancy levels remained within a relatively tight range compared to the prior year, ending 2006 at 95.4%.
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