Elysian Parc, a 164-unit luxury apartment complex, was sold to San Francisco-based Hamilton Zanze for $26 million, a record $158,536 per unit and a record $152 per square foot for the Las Vegas area for garden-style construction post recession, according to Newmark Grubb Knight Frank (NGKF), which arranged the sale on behalf of the seller, The Calida Group. The transaction highlights the premium for newly constructed elite rental properties in the Las Vegas market.
The 171,104-square-foot complex is located in Henderson, Nevada, and is 94-percent leased. It comes with first-class amenities including a 5,000-square-foot clubhouse with a TV room, pool tables, shuffleboard, arcade games, Starbuck’s coffee machines, a 24-hour fitness center and a stand-up tanning bed. The lagoon-style pool features a beach area, fire pit and the only “infinity” hot tub in the valley. The one- and two-bedroom units have high-end finishes such as granite countertops, stainless steel appliances, walk-in closets, nine-foot ceilings and in-unit, full-size laundry rooms. There are 60 individual garages along with 177 covered and uncovered parking spaces.
“This is a cutting-edge apartment complex. Its rapid lease-up following its ribbon-cutting is a testament to the growing demand for this kind of rental,” said Curt Allsop managing director in the Land Services Group at NGKF’s Las Vegas office, who represented the seller with Doug Schuster, senior managing director with NGKF’s Multi-Housing Group. “It’s no surprise the number and variety of investors who expressed interest in this property. It’s an inspired investment.”
Hamilton Zanze was able to maximize loan proceeds and bid higher for this notable property due to the agency lending expertise of Berkeley Point, one of the nation’s leading multifamily capital solutions providers.
“The folks at Berkeley Point are incredibly talented and were able to not only deliver a better loan than expected, but also drove pricing,” said Mr. Schuster.
Elysian Parc is the first of many opportunities for investment in the Elysian brand that NGKF is marketing on behalf of The Calida Group.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.