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The Newsroom - 2008 |
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Apartment Sales Drop Off, Prices Hold
April 28, 2008 - LAS VEGAS-The 288-unit Villa Serena Apartments in
Henderson, NV recently sold for $35.85 million, one of very few apartment sales
in the region during the first quarter of the year. Sentinel Real Estate Corp.,
acting on behalf of Villa Serena LP, sold the 12-year-old asset to Fairfield
Residential, according to CB Richard Ellis, which had the disposition
assignment.
Built in 1996 on 16 acres at 325 N. Gibson Road, near the Galleria Mall, Villa
Serena includes a mix of one-, two- and three-bedroom units with walk-in
closets, full-size washers/dryers and nine-foot ceilings. Nit sizes range from
734 sf to 1,320 sf. Spence Ballif and Jeff Swinger of CB Richard Ellis
represented Sentinel in the transaction.
The transaction is one of only six apartment properties over 100 units to trade
in the Las Vegas Valley since the start of the year, according to research by
local broker Michael Belnick, a specialist in the apartment market. Last year 12
plus-100-unit properties changed hands in the first quarter and 42 changed hands
for the year. In 2006, 64 large properties changed hands and 90 such properties
changed hands in 2005.
The Edgewater sale translates to $124,500 per unit, which is pretty consistent
with comparable first quarter sales. In February, the 272-unit Copper Hills in
Henderson, which is six years older, sold for $121,000 per unit. In Vegas, the
184-unit Rancho Destino apartments built in 1998 sold for $131,000 per unit in
February and, in March, the 120-unit Retreat apartments built in 1996 sold for
$125,000 per unit.
In a first quarter market report, Applied Analysis found that while sales have
slowed to a snail’s pace occupancy was up slightly during the first quarter
along with rental rates. The locally based business research and advisory firm
reports that the average asking rent rose 1.8% from this time last year and now
stands at $888 per unit per month. The result is the slowest reported growth
level since the beginning of 2004.
Following six consecutive quarterly decreases, occupancies increased during the
first quarter, reaching an average of 92.7% from 92.3% at the start of the year.
One year ago, average occupancy was 94.1%.
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