ARA, the Atlanta-headquartered, largest, privately-held, full-service investment advisory brokerage firm in the nation, today announced the January sale of The Wellington, a 332-unit Class A luxury apartment community in Las Vegas, NV. The property was constructed in 1998 and starting in 2012 underwent extensive renovations, allowing it to be much more competitive and stand out in its submarket.
Las Vegas-based ARA principal, Christopher Bentley, along with Senior Vice President, Melissa Salas, represented the seller, The Picerne Group, a national Real Estate Investment Management Company.
ARA achieved an acquisition price of $43,160,000, representing a price per unit of $130,000 and $139.12 per square foot.
The property was purchased by Griffis Residential; a Colorado-based privately held Real Estate Investment Company with an impressive portfolio of luxury residential apartments. ARA is pleased to have assisted Griffis in their acquisition in Las Vegas.
“We are excited to add another property to our growing Las Vegas multifamily portfolio. As the Las Vegas economy continues its recovery, we believe The Wellington is ideally positioned to benefit from an improving apartment market” says David Birnbaum, Chief Executive Officer of Griffis Residential.
The Wellington was 93.98% occupied at the time of sale.