LAS VEGAS – September 22, 2017 – Berkadia today announced the $38.9 million sale of two multifamily properties located on East Harmon Avenue in Las Vegas. Senior Directors Angela Powers and Brian Anderson closed the sale on behalf of the seller, 670 Vegas Apts LLC, a California limited liability company. The buyer was Westland Harmon LLC, based in Long Beach, California. The deal closed on August 23 and the property transacted off-market in a 75-day escrow.
The combined, gated 670-unit portfolio sale was comprised of:
- Harmon Hills Apartment Homes, a 320-unit property located at 5421 E. Harmon Ave. and completed in 1990. The property recently received a full club house renovation with building and ground improvements and has a newly installed outdoor gym. The property features studio, one-, two- and three-bedroom floorplans and quad-units with electric kitchens, breakfast bars and carpeted flooring. Select units have central air, a dishwasher and a washer/dryer. The four-bedroom units are 100 percent occupied with some long-term tenants of over 10 years.
- Courtyards at Harmon, a 350-unit property built in 1983 and located at 5501 E. Harmon Ave. The community features one-, two- and three-bedroom floorplans that are newly renovated with air conditioning units, garbage disposals, dishwashers and ceiling fans. The property began lease-up in March 2017 after a new clubhouse was built, and the community also features three pools and new asphalt.