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March 26th, 2015

Multi-Family and Real Estate News Recap V.2

Griffis Residential Pays $43.2 Million for a Luxury Apartment Community

Griffis Residential paid a $43.2 million acquisition for The Wellington- a luxury apartment community in the Summerlin’s Lakes area. The Wellington offers 332 garden-style units between 759 and 1,322 square feet, with five floor plans which include one- two-, and three-bedrooms. Amenities include a clubhouse, heated swimming pool, spa, 24 hour emergency maintenance and a reserved parking spot.

Habert McDowell Joint-Venture Acquires 554 Unit Multifamily

Harbert United States Real Estate Fund V and McDowell Properties assembled a two property multifamily portfolio that consists of assets in Las Vegas and Pittsburg. The Las Vegas asset, Sahara Palms is a 312 unit apartment community. The Pittsburg asset, Los Prados is a 242 unit apartment community. HUSREF V and McDowell identified Sahara Palms and Los Prados as attractive acquisitions due to their desirable in-fill locations.

Penthouse at One Queensridge Tower Sells for $7.7M

An unidentified buyer acquired the Crown penthouse at One Qeensridge Place for $7.7 million. The building consists of 18 stories. The penthouse is 15,000-square-feet that includes luxurious amenities such as, a spa, wine cellar and a 24-hour gate security. Each penthouse offers 24-hour concierge service, a direct elevator service, seven terraces at 3,000 square feet and a 15-vehicle private garage. There is only one penthouse that remains on the market for $9.9 million.

Veer Towers Hits $100M Milestone

Veer Towers reached $10 million in sales. The units include studios, one- two- and three -bedrooms that range from $250,000-$2.3 million. Veer Towers is located in a high-end area that offers shopping and entertainment at the Gallery Row Shops, the Shops at Crystals, ARIA Resort Casion and much more! Residents have access to rooftop entertainment that includes swimming pools, hot tubs, sun decks and summer kitchens.

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