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(Read more on the multifamily market.)

LAS VEGAS-After turning an eight-acre infill site here into a gated community of 92 single-family residences, regional builder Signature Homes opted to rent them out instead of trying to sell them off in a down market. Called Town Las Vegas, the entire community was sold last week for $18.4 million, or $200,000 per home, which translates to a 6% capitalization rate for the new owner, Los Angeles-based Copperfield Investment and Development Co.

Once the property was well leased, Signature Homes tapped local Marcus & Millichap brokers Michael Shaffner and Michael LaBar to sell the property quickly. “We took the listing on Oct. 15 when it was 95% leased,” LaBar tells GlobeSt.com. “We quickly received five offers and chose an all-cash buyer that closed in 26 days.”

Located just west of Interstate 15 near its confluence I-515, the community includes two- and three-bedroom homes with between 1,300 sf and 1,600 sf of living space. The homes include granite counter tops, stainless steel appliances, two-car garages and rear courtyards. Tenants signed leases ranging in length from nine- to 18 months at rates ranging from $1,200 to $1,500 per month.

LaBar says the new owner plans to hold the property as a rental community for three to five years or until the for-sale housing market returns. Once that occurs, he plans to sell the homes off individually for between $270,000 and $300,000 apiece.

LaBar and Shaffner were assisted in the sale of the community by Kristopher Munn of Signature Homes and Tina Lucero of Chicago Title.

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