LAS VEGAS – October 5, 2017 – Berkadia today announced the $15 million sale of Desert Palms Apartment Home, a 248-unit multifamily community located in North Las Vegas. Senior Directors Angela Powers and Brian Anderson closed the sale on behalf of the seller, Desert Palms LP, a Nevada limited partnership and the buyer, Westland Hacienda Hills LLC, a Nevada limited liability company. The deal closed on September 25.
“The buyer owns the adjacent 252-units which they plan to adjoin, allowing them to efficiently manage 500-units together,” said Powers.
Desert Palms Apartment Homes is located at 1001 E. Carey Ave., featuring one-, two- and three-bedroom units with a weighted average of 788-square feet. The property was built in 1992 and is located in the North Las Vegas Redevelopment Zone, just two blocks from City Hall. The buyer paid $77 per square foot, a 5.23 percent cap rate.