Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LAS VEGAS- The 304-unit Pyramid Apartments in the City of North Las Vegas has changed hands for $30.25 million or $99,507 per unit. Heritage Associates is San Francisco acquired the development from national Commercial Ventures of Los Angeles, according to the brokerage firm in the deal, Bentley Group Real Estate Advisors.

Pyramid Apartments was built in 1990 on 8.8 acres at 7055 East Lake Mead Boulevard. The sellers improved the property by equipping each one- and two-bedroom apartment home with new appliances, hardwood floors, washers and dryers, walk-in closets, intrusion alarms and mirrored closet doors. Community amenities include racquetball court, high-speed internet access, clubhouse, fitness center and more.

Broker Christopher Bentley, president of the Bentley Group, represented both buyer and seller. Bentley expects several more transactions to be completed in the upcoming months.

“The latest performance measures indicate market corrections are underway within the apartment sector,” he says. “We anticipate this rebalancing to be short-lived as overall housing demand during the next 12 to 24 months is expected to increase, with a large share of newcomers seeking out renal opportunities.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.