LOS ANGELES and LAS VEGAS – July 9, 2018 – Berkadia announced the $45.7 million sale of The Gramercy, a Class A multifamily community, along with 12.63 acres of development land in southwest Las Vegas. Managing Director Vince Norris of the Los Angeles office worked with Senior Directors Brian Anderson and Angela Powers of the Las Vegas office to complete the sale on behalf of the seller, San Francisco-based Krausz Companies, Inc. and Las Vegas-based WGH Partners. The buyer was Lyon Living, based in Newport Beach, California. The deal closed on May 31.
“This was a tremendous opportunity that Lyon capitalized on before we took the property to market,” said Norris, “They plan to renovate the existing apartments and construct a short-term stay hotel as well as new apartments on the adjoining land.”
“Lyon’s vision for the completed village will be a great compliment to the community, and further the Gramercy as a destination location,” Anderson added.
Completed in 2015 and located at 9255 W Russell Road, the vibrant urban village consists of over 100,000 square feet of office space and retail property including dining and specialty shops. The 160-unit multifamily community features studio, one-, two- and three-bedroom floorplans with private balconies, washers and dryers, stainless steel appliances and granite countertops. Select units also come furnished. Community amenities include gated access, a heated pool and spa, an outdoor theater, a business center, barbeque grills and a fire pit. The property also features retail destinations on-site, including The Cuppa coffee bar, Raw Fitness, Nohea Nails and restaurants such as DW Kitchen and Pinches Tacos.