BLACKSTONE PAYS $58M FOR NV COMMUNITY

[Pages:4]MAY 2019

COLLIERS INTERNATIONAL/ NASEEF INVESTMENT SERVICES MULTIFAMILY TEAM

BLACKSTONE PAYS $58M FOR NV COMMUNITY

The new owner has selected Pinnacle to oversee management operations at the 368-unit Class A asset in the Las Vegas Central submarket.

A joint venture between InterCapital Partners and Citymark Capital has sold the Vintage Pointe Apartments, a 368-unit Class A community in Las Vegas, to Blackstone Group for $58 million, according to Yardi Matrix. This acquisition marks the buyer's second major deal in the metro, following a nearly $160 million portfolio transaction in April.

The buyer enlisted Pinnacle to oversee property management functions. Previously, DayRise Residential managed the community.

Located at 6500 Vegas Drive in the Las Vegas Central submarket, the community's 47 buildings are roughly 6 miles west of downtown, a short distance from U.S. Highway 95. The property is within a mile of three retail centers and an adjacent bus stop connects the area with the rest of the city.

Built in 1994, the garden-style community includes oneand two-bedroom units. The pet-friendly asset provides amenities including a racquetball court, an outdoor kitchen, two swimming pools and a dog park. As of March, the property was 95.4 percent occupied, per data from Yardi Matrix.

TOM NASEEF, CCIM, SIOR Senior Vice President +1 702 836 3720 tom.naseef@

JEFF NASEEF, CCIM Associate +1 702 836 3731 jeff.naseef@

GARRY CUFF, CCIM Vice President +1 702 836 3716 garry.cuff@

PHILLIP FRANK, JD Senior Associate +1 702 836 3775 phillip.frank@

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PROPERTY SALES

Sale Detail During a Select Period

RMEarCkeEt NT MULTIFAMILY SALLEaSs Vegas

PGRroOupPBEyRTY SALES

Property Asset Class

SSaaleleDPetearilioDduring a Select Period

Market

Group By Property Asset Class Sale Period

Between '2019-04-01' And '2019-04-30'

Las Vegas Property Sold

Property Asset Class

Sold Unit

Between '2019-04-01' AnCd o'2u0n1t9-04-30'

Count

(Avg) Total MM

Sale Price (Avg)

Per SqFt

(Avg) Per Unit

Discretionary

Property Asset Class

Upper Mid-Range

Property Sold Count

So1ld Unit 1Count

286 3T9o8ta(Al MvgM)

Sale Price $66.36 Pe$r(9AS2qv.gF3)t4

$215.03 Per(AUvngi$)t213.50

$232,021 $232,021

DLioscwreMtioinda-rRyange UWpoperkr fMoirdc-Rea-nUgepper

Low Mid-Range

Workforce - Upper

1

1 286

216$66.36

$$21259.0.530

$232,02$1140.86

1

1

1

Property Sold

1

Count

398

146$92.34

$$21134.5.200

216

$29.50

$140.86

Total Sold Unit

Avg Total Sale Price

146

Coun$t 14.20

$146.48

$232,02$1146.48

$136,574

Avg Sale Price Per $97,260 SqFt

Property Sold Count

Total So4ldCUounnitt

Avg Tota1l,S0a4l6e Price

Avg Sale Pric$e5SP0qe.F6rt0 Avg Sale Price UPenri$t193.23

$136,574 $97,260

Avg Sale Price Per Unit

$193,501

Property Asset Class: Discretionary

4

1,046

Property Asset Class: DiscrSeUtoinoldintaSryUCoonldmitpleCtioonmpletiRoanting

Rating

PPrroopperetryty

CountCounDt ate DatIempr. LoIcm. prB.uyer Loc.

BuySeerller

SSppuurr 998855WWesetsWt iWgwigamwam PPkkwwyy HHeenndderesrosno, nN,VN8V908149014

286 298/164/20198/14/20A18

B ABlackstoBne

Group

BlacNkesvtaodna eWest GrouDpevelopment

$50.60

$193.23

$193,501

Sale Price

SSeallleerDate Sale TypeSaleTDotaatl e(MM) SalePeTrySpqFet

TotPaelr(UMnMit )

NDee4vv/1ae0dl/o2a0p1Wm9 eesnCtt onvention4a/l10/20$1696.36 Con$v2e1n5t.i0o3nal $232,$06216..1346

Sale Price

Loan Info

MatPureitrySqFt Amount Per Unit

Date

(MM)

5/1/$2022165.03 $49.$32732,021.14

Property Asset Class: Upper Mid-Range

Sold Unit

Completion

Property

Dune 3080 St. Rose Pkwy Henderson, NV 89052

Count

Date

398 4/26/2018

Rating

Impr. A-

Loc. Buyer B Blackstone Group

Seller Nevada West Development

Sale Date Sale Type

Total (MM)

4/10/2019 Conventional

$92.34

Sale Price

Per SqFt $213.50

Per Unit $232,021.14

Loan Info

Maturity Date

Amount (MM)

Page 1 of 3

Property Asset Class: Low Mid-Range

Sold Unit

Completion

Property

Arbors, The 2666 South Decatur Blvd Las Vegas, NV 89102

Count 216

Date 1/1/1988

Rating

Impr. B

Loc. Buyer

Seller

B+ FPA Multifamily

Shulgin Acquisition Group

Sale Date Sale Type

Total (MM)

4/26/2019 Conventional

$29.50

Sale Price

Per SqFt $140.86

Per Unit $136,574.07

Loan Info

Maturity Date

5/1/2034

Amount (MM)

$20.97

wPrwopwert.ynAassseet Celafsins:vWeorsktfomrcee-

Sold Completion

Rating

Sale Price

2

Loan Info

COLLIERS INTERNATIONAL/ NASEEF INVESTMENT SERVICES MULTIFAMILY TEAM

Property Asset Class: Upper Mid-Range

Property Asset Class: UppeSrUoMnldiidt-RaCnogmepletion

Rating

Property

CSoUounlnditt ComDpalteetion

ImpRra. tingLoc. Buyer

RECENT MULTIFAMILY SALES DPuronpeerty

3080 St. Rose Pkwy

Co3u9n8t 4/2D6a/2te018

ImAp-r.

LoBc. BGBlruaocyukepsr tone

HDeunndeerson, NV 89052 3080 St. Rose Pkwy

398 4/26/2018

A-

B Blackstone

Group

Henderson, NV 89052

Seller NDSeeevvllaeedlroapWmeesntt Nevada West Development

Sale Date Sale Type

Total (MM)

S4/a1l0e/2D0a1t9e CSaolneveTnytpioenal Tot$al9(2M.3M4)

4/10/2019 Conventional

$92.34

Sale Price

SPaelreSPqrFitce

Per Unit

$P2er13S.q5F0t

$232P,0e2r1U.1n4it

$213.50 $232,021.14

Loan Info

MaDtautrLeitoyan InfoAm(oMuMn)t

Maturity Date

Amount (MM)

Property Asset Class: Low Mid-Range

Property Asset Class: Low MSUoidnld-iRt anCgoempletion

Property

APrrboopresr,tyThe 2666 South Decatur BAlrvbdors, The L2a6s66VSegoausth, NDVec8a9tu1r02 Blvd Las Vegas, NV 89102

CSoUounlnditt ComDpalteetion Co2u1n6t 1/1D/a1t9e88

216 1/1/1988

Rating

ImpRra. tingLoc. Buyer

Seller

ImBpr. B

LBo+c. FBPuAyeMrultifamily B+ FPA Multifamily

SAShceuqllluegirisnition GShrouulgpin Acquisition Group

Sale Date Sale Type

Total (MM)

S4/a2l6e/2D0a1t9e CSaolneveTnytpioenal Tot$al2(9M.5M0)

4/26/2019 Conventional

$29.50

Sale Price

SPaelreSPqrFitce

Per Unit

$P1er40S.q8F6t

$136P,5e7r4U.0n7it

$140.86 $136,574.07

Loan Info

MaDtautrLeitoyan InfoAm(oMuMn)t

5M/1at/u2r0it3y4 Date

A$m20o.u9n7t (MM)

5/1/2034

$20.97

Property Asset Class: Workforce - Upper

Property

Asset

Class:

Sold WorkfoUrnciet

-

UCpopmepr letion

Property

CSoUounlnditt ComDpalteetion

PParroapdeisrtey Square 4801 Harrison Drive LPaasraVdeisgeasS, qNuVar8e9121 4801 Harrison Drive

Co1u4n6t 146

1/1D/a1t9e80 1/1/1980

Las Vegas, NV 89121

Rating

ImpRra. tingLoc. Buyer

Seller

ImCp+r. C+

LoBc. CPB.aucyaeor, Segundo SHStoerlaldlteienrggisc Realty

B Cacao, Segundo Strategic Realty

P.

Holdings

Sale Date Sale Type

Total (MM)

S4/a1l9e/2D0a1t9e CSaolneveTnytpioenal Tot$al1(4M.2M0)

4/19/2019 Conventional

$14.20

Sale Price SPaelreSPqrFitce $P1er46S.q4F8t $146.48

Per Unit $97P,2e6r0U.2n7it $97,260.27

Loan Info

MaDtautrLeitoyan InfoAm(oMuMn)t

5M/1at/u2r0it2y9 Date

A$m10o.u2n6t (MM)

5/1/2029

$10.26

Property Sold Count

Total

Sold Unit

Count

4

1,046

Avg Sold Unit

Count 262

Total Sale Price

$202.40

Avg Total Sale Price

$50.60

Avg Sale

Avg Sale

Price Per Price Per Unit

SqFt

$193.23 $193,501.39

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