After selling for top dollar more than three years ago, a luxury Las Vegas apartment complex with a big menu of amenities has sold at a vastly higher price.
San Diego real estate firm Logan Capital Advisors purchased the 220-unit South Beach in the southwest valley for $97.5 million, brokerage Cushman & Wakefield announced this week.
The sale amounts to about $443,182 per unit — more than double the market average last year.
Ruben Islas, founding partner at Logan, said in a news release that the property’s “unmatched amenity package and excellent location will ensure that South Beach continues to be a market leader among discerning lifestyle renters in Las Vegas.”
That sale amounted to $281,818 per unit, more than double the market average that year, too.
Eric Kaplan, president of Griffin Capital Private Equity, said in a news release that it “was not our original intent to sell the asset at this time,” but the firm had an “opportunity to realize outsized returns” and decided to sell “earlier than anticipated, and with a great result.”
Apartment complexes regularly trade hands in Southern Nevada, but sales dropped sharply in 2020 amid devastating job losses and other turmoil sparked by the coronavirus pandemic.
However, Las Vegas’ rental market has since heated up — tenants have faced fast-rising rents and shrunken availability — and investor sales have rebounded.
Overall, Southern Nevada saw 193 apartment complex sales last year, compared with 91 in 2020 and an average of 172 in the five years before preceding the new decade, according to figures previously provided by the Nevada State Apartment Association.
Last year’s average price per unit, $215,151, was up 38 percent from 2020, according to the data, which the association pulled from real estate tracker CoStar.
Some properties have traded at high values lately, including the Miami Beach-themed complex off the freeway in the suburbs.
South Beach, 8920 W. Russell Road, just east of the 215 Beltway, boasts poolside cabanas, a huge outdoor TV, an outdoor gym, a sand volleyball court, a sports field, a Zen garden, fitness studios, a massage and treatment room, steam and sauna rooms, and a poker room.
Southern Nevada apartment developers began offering tenants a wider slate of amenities in recent years as waves of new properties opened and rental rates climbed.
According to Cushman, however, South Beach has “one of the deepest amenity packages in the greater Las Vegas market.”