(To read more on the multifamily market, click here.)
LAS VEGAS-The 337-unit Emerald Bay Apartments complex haschanged 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 forconversion to condominiums.
The seller was Emerald Bay Apartments Las Vegas LLC of NewportBeach, CA, which acquired the building in July 2003 for $13.9million, according to Clark County records. While G&E did notrelease the name of the buyer, county records list the new owner asEmerald Bay Apartments Nevada LLC and National Commercial VenturesLLC of Los Angeles.
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