Vintage Pointe Apartments sell for $49.25M

Citymark Capital and InterCapital Group teamed up to buy the 368-unit Vintage Pointe apartment complex, seen above, in Las Vegas. (Citymark Capital)

Citymark Capital and InterCapital Group teamed up to buy the 368-unit Vintage Pointe apartment complex, seen above, in Las Vegas. (Citymark Capital)

Citymark Capital and InterCapital Group teamed up to buy the 368-unit Vintage Pointe apartment complex, seen above, in Las Vegas. (Citymark Capital)

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By Eli Segall Las Vegas Review-Journal

January 9, 2018 - 4:34 pm

Two real estate firms teamed up to buy a 368-unit apartment complex in Las Vegas.

Cleveland-based Citymark Capital announced this week that it partnered with Houston’s InterCapital Group to acquire Vintage Pointe, 6500 Vegas Drive.

Citymark did not announce the purchase price in its news release. But a representative confirmed that, as Clark County records indicate, the firms bought the complex for $49.25 million and that the sale closed Dec. 29.

The purchase comes amid shrunken apartment-vacancy rates in Las Vegas, as well as higher rents and landlords’ rising purchase prices.

Vintage Pointe, for instance, last sold in spring 2016 for just under $40 million, property records show.

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

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