(Read more on the multifamily market.)
LAS VEGAS-After turning an eight-acre infill site here into agated community of 92 single-family residences, regional builderSignature Homes opted to rent them out instead of trying to sellthem off in a down market. Called Town Las Vegas, the entirecommunity was sold last week for $18.4 million, or $200,000 perhome, which translates to a 6% capitalization rate for the newowner, Los Angeles-based Copperfield Investment and DevelopmentCo.
Once the property was well leased, Signature Homes tapped localMarcus & Millichap brokers Michael Shaffner and Michael LaBarto sell the property quickly. "We took the listing on Oct. 15 whenit was 95% leased," LaBar tells GlobeSt.com. "We quickly receivedfive offers and chose an all-cash buyer that closed in 26days."
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