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REAL ESTATE BRIEFS

Matthew Hoyt receives NAIOP award

Matthew Hoyt of CommCap Advisors has been named a recipient of the National NAIOP 2019 Developing Leaders Award, honoring rising industry professionals throughout the nation.

The selection was competitive. NAIOP selected five young professionals nationally to receive this prestigious award.

Hoyt has been an active member of NAIOP Southern Nevada since 2008 and a board member since 2018. He has been involved in numerous committees over the years.

These include chair of the Membership/Sponsorship and DLI committees and a committee member on the Community Service and Government Affairs committees. He credits chairing the committees in the development of his leadership skills.

Hoyt was named the NAIOP Southern Nevada Associate Member of the Year in 2018 and NAIOP Southern Nevada Developing Leader of the Year in 2016.

Established in 2006, the Developing Leaders Award has been given to rising industry professionals from across NAIOP’s chapter network in all sectors of commercial real estate.

The annual award honors up-and-coming professionals under the age of 35 for their extraordinary professional accomplishments, strong leadership and community involvement.

Finalists are selected by a diverse group of NAIOP board members and Hoyt represented the Southern Nevada chapter.

The DLA winners were honored at CRE.Converge 2019 in Los Angeles on Oct. 15 during the keynote breakfast general session.

NAIOP Southern Nevada is a chapter of NAIOP, the Commercial Real Estate Development Association, and it comprises more than 550 members serving the Southern Nevada market.

NAIOP is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate, with 19,000 members in North America.

NAIOP advances responsible commercial real estate development and advocates for effective public policy.

For more information, visit naiopnv.org.

Angelina Scarcelli awarded CCIM designation

Angelina Scarcelli, senior portfolio manager with Colliers International, Las Vegas, recently received the Certified Commercial Investment Member (CCIM) designation from CCIM Institute. The designation was awarded during the organization’s global conference in San Diego on Oct 15.

Scarcelli was among the 228 commercial real estate professionals who earned the designation by passing CCIM Institute’s comprehensive examination, the capstone element in the designation process. This new group of CCIM designees hail from 41 U.S. states, Washington, D.C., as well as Canada.

“I am extremely honored to receive this designation. It is an honor to be a member of an organization that promotes professional success and development,” Scarcelli said.

To earn the CCIM designation, commercial real estate professionals must complete more than 160 hours of case-study driven education covering topics such as interest-based negotiation, financial analysis, market analysis, user decision analysis, investment analysis and ethics in commercial investment real estate. Candidates must also compile a portfolio demonstrating the depth of their commercial real estate experience and pass a comprehensive examination.

Scarcelli has 19 years of experience in the Las Vegas commercial real estate market. She has been an industry expert in tenant relations and retention in regard to retail, office and industrial assets. Scarcelli also specializes in big box retail property management, lease negotiations and construction management.

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New York company buys Spring Valley apartments

MAXX Properties — a privately held real estate company — has announced the acquisition of Madison at Spring Valley, a 168-unit multifamily property in the popular Spring Valley. The price was not disclosed.

Built in 2000, Madison at Spring Valley is part of MAXX Properties’ growing Las Vegas portfolio,along with Villas at Green Valley Apartments in Henderson, Nevada acquired earlier this year.

Madison at Spring Valley is the sixth community for MAXX in Las Vegas.

“It is a pleasure to welcome Madison at Spring Valley to the MAXX family,” said Ed Lange, CEO of MAXX Properties. “As part of our continuing expansion program, the acquisition of Madison at Spring Valley enhances the company’s portfolio of communities in Las Vegas.”

The community is comprised of one, two, and three-bedroom apartments ranging from 700 square feet to 1,060 square feet and featuring open-concept living with 9-foot ceilings, central air and full-sized in-unit washers/dryers. Amenities include a swimming pool with sundeck, playground, clubhouse with coffee bar, 24-hour fitness center and pet-friendly living.

MAXX plans a value-add capital expenditure program including unit and common-area renovations to modernize and differentiate the community from its competitors.

Madison at Spring Valley was partially capitalized through a long-term, fixed rate mortgage loan provided by KeyBank NA.

MAXX Properties is an 83-year-old real estate firm consisting of multifamily, commercial and co-operatives. Now operating under the fourth generation of Wiener family leadership, the MAXX Properties portfolio includes 37 communities consisting of 8,980 owned multifamily units in six states across the country and 2,344 cooperative units in New York. For more information, visit maxxproperties.com.

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Laurel Park Apartments sells for $32M

Patrick Sauter, Art Carll-Tangora and Steve Nosrat of the Sauter Multifamily Advisors at NAI Vegas have announced the sale of Laurel Park Apartments, a 240-unit complex at 5272 Tamarus St. The Sauter Multifamily Advisors represented the seller, Omninet Newport Services Inc. in the sale of the property to Studio Management Services Inc. The property sold for $32,000,000 ($133,333 per door) on Nov. 7, 2019. Laurel Park is the latest of recent multifamily transactions closed by Sauter Multifamily Advisors.

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