A highly amenitized, core-plus luxury development combined with a reinvigorated institutional investor market this week to achieve the highest per-unit multifamily sale price in the history of metro Las Vegas. On behalf of Goodman Real Estate, JLL’s Capital Markets experts today announced the $39 million sale of Vantage Luxury Flats and Loft Living (Vantage) to buyer The Bascom Group. The sale, which includes an existing 110 units and adjacent 3.8-acre parcel, reflects a per-unit price of more than $345,000.
Executive Vice President John Cunningham and Vice President Charles Steele led the JLL team in the transaction.
“Vantage is truly an institutional-quality asset, drawing interest from multiple institutional buyers who were previously hesitant to return to Las Vegas,” said Cunningham. “Vantage’s incomparable quality, combined with the recovery of the Las Vegas multifamily market and accelerating economic growth, proved invaluable.”
“The exceptional finishes and exclusive lifestyle at Vantage facilitated a successful lease-up featuring some of the highest rental rates in the Las Vegas Valley,” said Steele.
Located at 201 S. Gibson Road in Henderson, Nevada, and completed in 2014, Vantage is comprised of three five-story buildings featuring 110 units, with 26 unique floor plans including singe-story flats, multi-level lofts and penthouses. Units range from 922 to 3,133 square feet, with an average unit size of 1,831 square feet.
Modern, open floor plans feature 20-foot floor-to-ceiling windows, walk-in bedroom closets, spa-inspired bathrooms with frameless open showers, full laundry rooms and gourmet kitchens with a full suite of stainless steel appliances, gas cooktops, quartz counters and island-style layouts.
Property amenities include a clubhouse with media room, 24-hour eLounge with Wifi café and a resort pool with cabanas, daybeds, a fire pit and outdoor dining area. A state-of-the-art fitness center includes lockers, showers and an indoor jetstream swimming pool. An oversized infinity edge spa offers views of the mountains, city and Las Vegas skyline. The property is also pet friendly, with a landscaped pet park.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.