LAS VEGAS – October 2, 2017 – Berkadia today announced the $18.45 million sale of Emerald Park Apartment Homes, a 300-unit multifamily community located in Las Vegas. Senior Directors Angela Powers and Brian Anderson closed the sale on behalf of the seller, Emerald Partners LP, a Nevada limited partnership and the buyer, Westland Emerald Park LLC, a Nevada limited liability company. The deal closed on September 19.
“The seller purchased the property in 2014 in an off-market acquisition and is pleased to maximize his dollars meeting his three-year exit strategy. The seller is now focused on development in the greater Los Angeles area,” said Powers.
Emerald Park Apartment Homes is located at 4545 Pennwood Ave., featuring studio, one- and two-bedroom units with a weighted average of 650-square feet. The property was built in 1978 and is located five minutes north of the construction site for the Las Vegas Raiders’ new NFL stadium. The buyer paid $95 per square foot, a 5.47 percent cap rate.