weather icon Partly Cloudy

Illinois real estate titan buys Las Vegas rental property for $57.3M

An Illinois real estate giant has acquired a Las Vegas apartment complex, its latest big-money bet on the valley.

Inland Real Estate Group paid about $57.3 million for the Wyatt, a 308-unit rental property on Buffalo Drive just south of the 215 Beltway, property records show.

The sale, by developer Martin Egbert of Nevada West Partners, closed Tuesday.

Inland Real Estate Acquisitions, an affiliate of the buyer, announced the purchase on Wednesday, though it did not disclose the price.

The Wyatt, at 7017 S. Buffalo Drive, was 96 percent occupied at the time of sale, according to a statement. The 14-acre property opened last year.

Inland’s purchase amounts to $185,909 per unit. According to brokerage firm Colliers International, apartment-complex buyers are paying an average of $110,000 per unit in Southern Nevada this year.

“We are pleased to have closed on this high-quality multifamily property that has strong demographics and is located in the growing southwest submarket along the I-215 corridor,” Mark Cosenza, senior vice president of Inland Real Estate Acquisitions, said in the statement.

The buyer is part of the Inland Real Estate Group of Cos., which is based in Oak Brook, Illinois and says it’s one of the largest commercial real estate and finance groups in the country, having made more than $43 billion worth of acquisitions.

The company is no stranger to Las Vegas. Last year, an Inland affiliate bought the Life Time Athletic health-club property near Red Rock Resort for $51 million.

At the time, brokerage firm Faris Lee Investments, which represented the buyer and seller in the deal, said it was the highest sales price nationally that year for a single-tenant retail property.

Contact Review-Journal writer Eli Segall at 702-383-0342. On Twitter at @eli_segall

Don't miss the big stories. Like us on Facebook.
Zillow hits pause on buying more homes

The company announced that due to a “backlog in renovations and operational capacity constraints,” it will not sign any new contracts to buy homes “through the end of the year.”

National Hardware Show opens at Las Vegas Convention Center

Attendees got a chance to check out trends and innovations in the home improvement and DIY on Thursday, the first day of the National Hardware Show at the Las Vegas Convention Center’s West Hall.

Jeremy Aguero joining Raiders executive team

After working closely with the Raiders over the past several years during their relocation and Allegiant Stadium process Jeremy Aguero is joining the organization in an official capacity.