California Investor Acquires 94-unit Skyline Villas Apartments

Las Vegas, December 2017 – Colliers International arranges the sale of the Skyline Villas apartments, located at 3501 S. Maryland Parkway in Las Vegas, Nevada for $7,385,000.

Thomas Olivetti of Colliers International Las Vegas and The HSK Team comprised of Bill Hahn, Trevor Koskovich, and Jesse Hudson of Colliers International Phoenix represented the seller and procured the buyer.

Dumont 94, LLC, an entity formed by The Cosgrove Companies (William Cosgrove, principal) out of Belvedere, California was the buyer. The seller was FDL Associates, LLC, an entity formed by Alpha Wave Investors out of Laguna Hills, California.

Alpha Wave Investors’ mission is to build wealth for their investors through disciplined investments in value-add multifamily and hotel properties located in the western United States. They are focused on acquiring well-located, attractively priced apartment communities where they can create meaningful value through repositioning, re-tenanting and intensive asset management.

“Skyline Villas was a unique opportunity for the buyer to capitalize on the accelerating Las Vegas multifamily market,” says Olivetti. “The property suited their 1031 exchange needs and is positioned for light interior and exterior upgrades that will enhance its overall appeal and add value.”

Skyline Villas consists of 42 buildings with 96,750 square feet of space situated on 3.05 acres. The community is a blend of 43% 1-bedroom, 51% 2-bedroom, and 6% 3-bedroom units.

The property is located on the west side of Maryland Parkway across the street from The Boulevard Mall. Skyline Villas is strategically located minutes from numerous shopping and retail centers. Nearby healthcare facilities include Sunrise Hospital and Desert Springs Hospital Medical Center, a 293-bed progressive acute-care facility and medical center. University of Nevada, Las Vegas is located just one mile south of Skyline Villas and the famous Las Vegas Strip is two miles west of the property.

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