Cameron Glinton of LOGIC Commercial Real Estate (Logic) is pleased to announce the sale of Hacienda Heights, a 216-unit apartment building located in the southeast submarket built in 2008. Logic represented the seller, DK Nellis, LLC and procured the buyer, Oak Residential Partners (Oak) of Deerfield, Illinois. The property closed at $33,750,000, which was $175 per square foot, and $156,250 per unit. Logic was engaged to identify a qualified buyer who was familiar with the market and asset to enact a successful close.
“Cameron and Logic worked quickly to identify Hacienda as an excellent fit for Oak, and provided consistent ongoing support allowing for a seamless transaction. The purchase of Hacienda Heights represents a vital addition to our Las Vegas Portfolio, allowing our platform to achieve greater economies of scale in an apartment market with intense demand. The investment team was familiar with several likely buyers for the asset and worked to bring the correct buyer to the table to ensure a successful and smooth disposition of the asset.
The Whitney Ranch/East Las Vegas submarkets are experiencing an economic surge while maintaining a limited supply of housing. Due to relatively recent construction in 2008, the property is in good condition, however the unit interiors were original, which made it the perfect fit for Oak’s value-add implementation strategy.”
– Oak Residential Partners
“Hacienda Heights represents a great opportunity for the Seller to take advantage of compressed cap rates while allowing the Buyer to acquire a stabilized asset in a primary market with upside potential in the future rents from remodeling and upgrading the property.”
– Cameron Glinton, Vice President at Logic Commercial Real Estate