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.