LAS VEGAS, NV – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of The Sunset Apartments, a 30-unit apartment property located in Las Vegas, NV, according to Justin C. White, regional manager of the firm’s Las Vegas office. The asset sold for $1,250,000.
Joshua Jordan and Cameron Glinton, investment specialists in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.
The Sunset Apartments is located at 1701 North Rancho Drive in Las Vegas, NV. The apartment building consists of 20, two-bedroom/two-bathroom units and 10 studios. The property has 21,422 rentable square feet, which is situated on 1.07 acres. The complex was built in 1985 on a concrete slab with a wood frame and pitched-composition shingle roofs. This property has ample parking for its residents and their guests, as well as an in ground pool for them to enjoy. According to Glinton, “The Sunset Apartment complex is located within a submarket that boasts high population density, and easy access to major traffic thoroughfares. The units within this complex featured larger unit sizes than the competitive subset, but had deferred maintenance. This investment opportunity presented a great opportunity for value-add upside through future improvements and rent appreciation.”
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About Marcus & Millichap (NYSE: MMI)
With over 1,300 investment professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 6,600 transactions in 2013 with a value of approximately $24 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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