LAS VEGAS – December 10, 2018 – Berkadia announced today the $29.5 million sale of Evergreen Apartments, a 314-unit, garden-style multifamily property in Las Vegas, Nevada. Managing Director Brian Anderson, Senior Director Angela Powers-Armstrong and Associate Director Jared Glover of Berkadia’s Las Vegas office completed the sale on behalf of the seller, California-based The Apartment Company, and the buyer, California-based Tower 16 Capital Partners. The deal closed on November 28.
“The new owner plans to spend approximately $4 million on renovations,” said Anderson. “Improving curb appeal, upgrading the common areas and renovating all the interior will bring the property in line with other renovated units in the surrounding submarket. The property was 98 percent occupied at closing; further demonstrating the trend that tenants are looking for value with more centrally located infill locations.”
Built in 1979, Evergreen Apartments features stylish studio, one- and two-bedroom floor plans with large rooms, plush carpeting and dishwashers. Residents have access to a pool, on-site laundry facilities, a newly designed barbeque area, a playground and a tennis court.
Located at 3060 S. Decatur Blvd., the property is conveniently accessible to Springs Preserve Park and The College of Southern Nevada’s Charleston Campus. Residents also have convenient access to the Las Vegas Strip, which is less than two miles away.