The Woodcreek Apartment Homes at 4485 Pennwood Ave. in Las Vegas have been purchased by an Idaho investor for $16,000,000.
“This low-income housing community provides an appealing opportunity for investment due to the in-place, above-market yield and strong location near The Las Vegas Strip,” says Thomas Olivetti, associate vice president of Colliers International in Las Vegas. “The buyer plans to improve the quality of the asset through renovations and explore options with the Nevada Housing Division to maximize operations.”
Olivetti worked with Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International in Greater Phoenix negotiating the sale transaction. Tablerock Capital LLC, an Idaho limited liability company purchased the property from Pennwood Partners, a Nevada limited partnership. Financing for the purchase was provided by CBRE Affordable Housing.
Woodcreek Apartment Homes was built in 1978 and contains 232 rental units. Situated on 11.94 acres, the apartment development includes sixteen buildings. It was converted to Low Income Housing in 2002 through the LIHTC rehab development program. The community of two-story buildings offers one, two, three and four-bedroom units with plentiful assigned, covered parking. Apartments offer plentiful storage, balconies and patios, as well as quality appliances. Some units feature walk-in closets, vaulted ceilings and fireplaces. The community is beautifully landscaped and provides a children’s play yard, two sparkling pools, sports court and clubhouse. On-site laundry facilities and a picnic area with barbecue are ideal for residents.
The community is located three miles west of the Las Vegas Strip, close to local freeways, public transportation and shopping. Situated on the southwest corner of Pennwood Avenue and Arville Street, Woodcreek offers access to Sahara Pavilion shopping less than one mile away. Three hospitals are located within three miles of the property. In addition, the immediate area includes amenities such as University of Nevada Las Vegas, McCarron International Airport and the College of Southern Nevada.