Spanish Oaks Apartments sold in $14M cash deal
NAI Vegas, a real estate brokerage in Las Vegas, recently closed its latest sale in an all-cash transaction.
In the sale, Spanish Oaks Apartments at 2301 S. Valley View Blvd., was sold for about $14 million or $65,162 per unit. Patrick Sauter, the principal manager of the NAI Vegas, termed the deal a fair price for the property built in 1976.
“For that age and price range, it was a nice deal,” said Sauter, principal manager of the NAI Vegas.
Sauter said few vacancies and its proximity to the Strip and other locales were also attractive features to the buyer, 216 Spanish Oaks LLC, from San Francisco. The 216-unit property consists mostly of one bedroom and one bathroom units. Spanish Owner LLC was the seller.
Like other properties, the sale of apartment buildings depends on the job and income growth of cities, Sauter said.
In April, NAI Vegas sold Rancho Mirada, a 160-unit apartment building on Pecos Road and Owens Avenue which received multiple offers, for $10 million. Despite that sale, Sauter said that their apartment sale rates are lower than this time last year, but the value of their properties is up.
NAI Vegas has sold or has in escrow deals valued at $150 million involving about 2,500 units this year.
Contact Rocio Hernandez at rhernandez@reviewjournal.com or at 702-383-5276. Find her on Twitter: @rociohdz19
