Western Wealth buys apartments in Las Vegas for $ 39 million

San Michele Apartments

Haven Realty Capital sold San Michele Apartment Homes, a 216-unit multi-family asset in Las Vegas, for $ 38.8 million, according to files filed with Clark County. The buyer, Western Wealth Capital, financed the acquisition with a loan from Bridge Investment Group.

Class B asset last changed hands in December 2015, according to Yardi Matrix data, when Haven paid $ 13.4 million to buy the community from Fannie Mae. The GSE held the property following a foreclosure action in late 2013.

Located at 5800 W. Lake Mead Blvd., the community built in 1997 features a mix of one and two bedroom units, with floor plans ranging from 686 to 886 square feet. Property amenities include a swimming pool, fitness center, barbecue areas and covered parking. Haven Realty had invested in capital improvements during his tenure of ownership.

San Michele, about 6 miles northwest of downtown Las Vegas, is next to a neighborhood mall in a dense residential area, one mile east of the US Highway 95.

Western Wealth has made a number of major investments in the Sun Belt over the past year. Since September, the buyer has acquired more than 3,000 units, most of its activity being centralized in Phoenix. In December, the investor paid $ 54 million for an asset of 316 units north of downtown.

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