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Apartment complex near Strip sells for $33M

A 200-unit apartment complex near the Strip has sold for $33 million, real estate agents announced Wednesday.

The Palms Apartments, 713 E. Sahara Ave., sold to an undisclosed buyer on May 2 through a limited liability company in California, Clark County property records show. The seller was Miami-based Florida East Coast Realty, LLC records show. It previously envisioned turning the site into a luxury residential property, according to the company’s website.

The two-story garden-style complex has units with up to three bedrooms and two bathrooms, ranging from 700 to 1,500 square feet, according to Coldwell Banker Commercial, which represented the buyer.

“This older, vintage property provided my client with a great value-add opportunity in a very hot market. They have an extensive Capex plan and are excited to add this to their Las Vegas portfolio,” Thomas Dean, who represented the buyer for Coldwell Banker Commercial Premier, said in a news release.

McKenna Ross is a corps member with Report for America, a national service program that places journalists into local newsrooms. Contact her at mross@reviewjournal.com. Follow @mckenna_ross_ on Twitter.

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