Just Sold: Emerald Suites Portfolio
Gino Vincent, CCIM of LOGIC Commercial Real Estate (“LOGIC”) is pleased to announce the sale of the 851-unit Emerald Suites Portfolio, consisting of three extended-stay properties located at 3684 Paradise Rd., 4777 Cameron St. and 9145 S. Las Vegas Blvd. in Las Vegas, Nevada. LOGIC represented the Buyer, 3D Investments, LLC (the “Buyer”), in the acquisition and the Seller, Hall Equities Group (the “Seller”), was unrepresented. The transaction was an off-market deal – please contact LOGIC for pricing details.
LOGIC sourced the deal for the Buyer and helped manage a lengthy escrow with many complexities given the high unit count spread across three separate assets. All three properties are zoned H-1 (Limited Resort & Apartment), the most liberal zoning in the valley, and are located within the Las Vegas resort corridor just minutes from the new Raiders Stadium.
Gino Vincent, CCIM, Vice President at LOGIC adds, “This transaction presents a significant value-add opportunity for the Buyer to reposition and stabilize the portfolio as the local economy continues to thrive. Each property is strategically located within the resort corridor and positioned to benefit from surrounding developments, including the $1.5 billion Las Vegas Convention Center expansion, the $1.9 billion Raiders Stadium and over $10 billion of new Strip development.”
“Ultimately the timing was right for the Seller to exit the market and the deal presented a unique opportunity for the Buyer to acquire a sizable portfolio of well-located real estate with upside in today’s market,” adds Vincent.
“It was a pleasure working with Gino and LOGIC over the past several months on these transactions. Gino assisted us during the entire process from presenting our offer letter to the Seller through the end of closing. We very much appreciate all of Gino’s hard work in getting these deals to the finish line,” said Dan Appello, Director of Acquisitions for 3D Investments, LLC.
Please contact LOGIC for further information.
About LOGIC Commercial Real Estate:
LOGIC Commercial Real Estate is a full-service firm specializing in Brokerage, Property Management, Capital Markets, and Development Services. We provide comprehensive solutions, support, and value for the clients we serve.
At LOGIC, we recognize that real estate is a local business. Based in Nevada, with offices in Las Vegas and Reno, LOGIC is comprised of a committed team of talented real estate professionals. We leverage our local knowledge and relationships to provide institutional quality service and consulting to our clients.