San Diego investors bought a southern Las Vegas Valley rental complex for more than double the market average.
Logan Capital Advisors acquired the 255-unit Elysian at Southern Highlands, a townhouse complex not far from the M Resort. The $64.25 million sale, by developer The Calida Group, closed last month, property records show.
The purchase amounts to almost $252,000 per unit. Investors last year paid an average of about $105,600 per unit for Southern Nevada apartment complexes, according to brokerage Colliers International.
Logan Capital founders Ruben Islas and Jules Arthur did not respond to requests for comment Monday.
Calida co-founder Eric Cohen said last week that the project, 12020 Southern Highlands Parkway, sits on land that was supposed to be developed by homebuilder D.R. Horton. According to Cohen, Texas-based D.R. spent $30 million on the site, putting in curbs, gutters, streets and utilities, but never built any homes.
With the economy weakening, the builder sold the property for $8.5 million in 2008 to New York investment firm Angelo, Gordon &Co., which sold it to Calida for $8.4 million in 2013, records indicate.
D.R. had planned to build and sell triplexes, Cohen said. His firm instead built two-story townhomes, all with an attached garage, a rare amenity for a Las Vegas rental complex.
Lately, it’s not the only property to sell for top dollar.
A Salt Lake City firm bought the Castile apartment complex in Henderson for $99.6 million, or $200,000 per unit, in April. Calida sold the neighboring Elysian at Stonelake for $84.6 million, or $235,000 per unit, in December, as well as Elysian West in the southwest valley for $106.5 million, or around $228,500 per door, last summer.
Contact Eli Segall at firstname.lastname@example.org or 702-383-0342. Follow @eli_segall on Twitter.