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

LAS VEGAS-JB Matteson Institutional Capital Partners LLC on Thursday acquired Entrata di Paradiso Apartments, a 480-unit development here for $55 million. Wachovia provided the acquisition financing. The seller was Hamilton Zanze & Co.

The complex is located at 2701 N. Rainbow Blvd. which is approximately eight miles northeast of Downtown Las Vegas. The clubhouse was renovated by the seller. The purchase price translates to $115,483 per unit; replacement is approximately $170,000 per unit.

JB Matteson managing partner John Bellack tells GlobeSt.com the expected hold is three- to five years and the expected IRR is 12% to 13%. The $4-million improvement plan includes extensive in-unit renovations. The complex is mapped for conversion to condominiums.

“We consider this a core-plus investment profile,” says Bellack. “We liked the opportunity because of the continued employment growth in Las Vegas, the discount to replacement cost, and the opportunity to add value through improvements to the property.”

Launched in 2006 to provide investment management services to institutional investors, JB Matteson is an affiliate of the Matteson Companies of Redwood City, CA, which provides real estate investment, development and management services to private capital investors.

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