weather icon Clear
RJ App
Vegas News, Alerts, ePaper

California real estate firm buys Las Vegas apartment complex

A California real estate firm has bought an east Las Vegas apartment complex.

OpenPath Investments, which says it follows a “socially responsible investment platform,” acquired the 304-unit Desert Ridge complex at 7055 E. Lake Mead Blvd., past Hollywood Boulevard at the valley’s eastern edge.

The $30.75 million purchase closed April 3, property records show.

Brokerage firm Berkadia, which represented the seller, Salt Lake City-based Sundance Bay, announced the deal Wednesday.

Built in 1990, Desert Ridge has one- and two-bedroom units that average 850 square feet. Amenities include a fitness center, clubhouse and racquetball court, Berkadia said.

OpenPath, based in Truckee, California, near Lake Tahoe, says on its website that it aims “to generate a triple bottom line: robust financial returns alongside positive and measurable social and environmental impact.”

Efforts to get comments from the firm were not immediately successful Wednesday.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.

Don't miss the big stories. Like us on Facebook.