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LAS VEGAS-A 402-unit apartment property here has changed hands for $42 million. American Properties Development of Seattle sold the National Commercial Ventures of Los Angeles.

Built in 1998 at 1200 W. Cheyenne Ave. in North Las Vegas, the property has a high percentage of two- and three-bedroom units. The weighted average unit size is 991 sf and the weighted average rent is $890.

The lead broker in the deal, Peter Katz of Marcus & Millichap, tells GlobeSt.com that the cap rate on in-place 2007 income is sub 5%, a figure the new owner thinks it can increase fairly quickly. Current rents are estimated to be between 10% and 15% below market, he says.

“These are good looking sticks and bricks,” Katz says. “The buyer believes that with some updating and better quality management it will be able to move rents and drive value.”

National Commercial Ventures has acquired and sold off several Vegas properties in recent months. It sold Hesperian Falls, Riverbend Village and Hesperian Falls for a combined total of $53.5 million. It acquired Emerald Bay Apartments for $32.1 million. The company could not be reached Monday for comment.

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