(To read more on the multifamily market, click here.)

LAS VEGAS-In partnership with Empire Properties or Los Angeles, GE Commercial Finance Real Estate has acquired 896 units in two apartment complexes in the Lakes area on the West side of the city for $85 million. The names of the properties are Sunset Breeze and Sunrise Meadows.

Christian Garner, western region manager for GECFRE’s Partners Group, tells GlobeSt.com the properties were built in the mid 1980s and are currently 88% leased on average. The acquisition is a value-add play, with the upside in renovation and leasing, he says. “Lease up to stabilization and sell within the next three years,” says Garner when asked about his investment strategy for the asset. Garner says the properties do not have a condo map on them. Las Vegas records show a tenantive map was approved by the planning commission on May 12. The applicants were Lake East LLC and Starboard LLC. The approval requires the final map to be applied for within two years.

Garner says the transaction tested GE’s creativity and structural flexibility since the properties were underleveraged with only 50% debt, requiring a large amount of equity capital in a two-tranche structure. Brian Lezak of Cameron Pacific, a capital intermediary located in Encino, CA, brokered to the sale.

This is the second acquisition by the partnership, which was formed in January. The first property purchased was a 432 unit multifamily property in Henderson, NV.

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