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North Las Vegas apartment complex sells for nearly $60 million

Investors bought a North Las Vegas apartment complex for almost $60 million, a sharp increase over its sales price after the economy crashed.

San Francisco real estate firm Hamilton Zanze announced this week that it acquired the 426-unit Arrow Canyon apartment complex, 5005 Losee Road, in a joint venture with New York financial brokerage Cantor Fitzgerald.

The purchase, for $59.65 million, closed Feb. 16, property records show.

The buyers renamed the property Norterra Canyon and are planning $1.4 million worth of improvements, according to the news release issued Monday.

Hamilton Zanze said the purchase marks its 11th investment in the Las Vegas area.

The 17.7-acre apartment complex was built in 2007, Clark County records show. It sold for $37 million in 2010 and for about $46.9 million in 2014.

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

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