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LAS VEGAS-Sandpiper Apartments, a 61-building, 488-unit gated apartment community here has traded hands for $27.9 million. Located about three miles west of The Strip at 4650 Oakey Blvd., the property was 96% leased at the time of sale.

California-based private investors Mordechai and Linda Bensamochan acquired the property from Rayman Associates Nevada LP for a combination of cash and assumed debt. Sperry Van Ness-Las Vegas brokers David Stubbs and Jeff Pori represented the buyer. Jon Clark of The Sauter Companies represented the seller.

“Investors are continually looking to be sellers in high priced, low growth markets and buy in the lowest priced markets with positive job growth,” says Pori. “In this case, the buyer sold five multifamily assets in California at very high prices in order to buy as many units as possible in Las Vegas.”

Built in 1987 of wood frame and stucco construction, this property features 240 one-bedroom/one-bathroom units and 248 two-bedroom/one-bathroom units with rents ranging from $645-$745. Amenities include tennis courts, three swimming pools with spas, a fitness center and covered parking. Based on the sale price and in-lace rents, the capitalization rate on the investment is estimated at 8.75%

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