Las Vegas, NV — ARA, the Atlanta-headquartered, largest, privately-held, full-service investment advisory brokerage firm in the nation, 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.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, (678) 553-9360 or Amy Morris at amorris@ARAusa.com, (678) 553-9366; locally, Christopher Bentley, at cbentley@ARAusa.com, (702) 966-1166 or Melissa Salas, at msalas@ARAusa.com, (702) 966-1168.
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multi-housing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multi-housing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multi-housing marketplace has resulted in an annual production volume of $9.5 billion in real estate transactions in 2012. For detailed information on ARA’s extensive multi-housing investment services, visit www.arausa.com.