(To read more on the debt and equity markets, click here, and for more on themultifamily market, click here.)
LAS VEGAS-Rancho Serene Apartments, a 216-unit luxurymultifamily community here, has changed hands for $28.5 million.The new owner is Los Angeles-based R.W. Selby & Co., whichplans to renovate the units and possibly entitle them for sale ascondominiums.
The acquisition and renovation is being financed by MetLife RealEstate Investments. The $20-million acquisition loan was arrangedby Holliday Fenoglio Fowler managing director Davis Bleiweiss, whois based in Orange County, CA.
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