LAS VEGAS—April 25, 2018—Berkadia today announced the sale of Desert Ridge Apartments, a multifamily garden-style property in Las Vegas. Managing Director Brian Anderson and Senior Director Angela Powers of Berkadia’s Las Vegas office completed the $30.75 million sale on behalf of the seller, Salt Lake City-based Sundance Bay. The buyer was California-based OpenPath Investments, LLC and the deal closed on April 3.
“This was an off-market opportunity for the buyer who will continue the same mission as the seller, enhance the lives of tenants by improving interior and outdoor living spaces,” said Powers.
Located at 7055 E. Lake Mead Blvd, the 304-unit property, built in 1990, offers one- and two-bedroom units with an average 850 square feet, walk-in closets and private balconies/patios. Community amenities include a fitness center, a club house, a playground and a racquetball court. Residents are located just minutes from Lake Mead National Recreation Area and the Las Vegas Strip and have easy access to Interstate Routes 15, and 515.
Sundance Bay is a real estate private equity firm that specializes in multifamily investing, net lease investing and debt lending nationwide. “Our success is not only determined by the returns we generate but by the communities we improve,” said Craig Romney, Director of Asset Management, Marketing and Communications for Sundance Bay.