A Seattle real estate firm has acquired a Las Vegas apartment complex at a price far above market average.
Security Properties announced Tuesday that it purchased Lofts at 7100 for $80 million. The 379-unit complex, at 7100 Grand Montecito Parkway in the northwest valley, was built in 2008.
Its sales price came to about $211,082 per unit. According to brokerage firm Colliers International’s second-quarter report for Las Vegas, investors had paid an average of $119,757 per unit for Southern Nevada apartment complexes this year.
Lofts at 7100 features two pools, a “pet exercise park” and up to 30-foot ceilings in select loft-style units, Security said.
The company, led by CEO Bob Krokower, said its holdings now include more than 1,500 units in the Las Vegas area.