Comprehensive upgrades attractive in Las Vegas multifamily market
February 16, 2017
Miami Lakes, Fla., and Las Vegas, Nev. – The Kislak Organization, a national real estate investment firm headquartered in Miami Lakes, Florida, has sold Alicante Villa Apartments in Las Vegas, Nevada, for $35.5 million. Kislak acquired the property in 2014 for $29.3 million.
“After purchasing Alicante Villa Apartments, we embarked on a comprehensive value-add effort,” said Thomas Bartelmo, president and CEO of the Kislak Organization. “We completed exterior and interior improvements, and brought our brand of high-quality customer service to the residents. These substantial upgrades provided us the opportunity to sell the property for a profit and seek the next value in the marketplace.”
Jeffrey Swinger, senior vice president at CBRE Las Vegas, represented Kislak in the sale to Hamilton Zanze, a San Francisco-based real estate investment company.
The appealing 232-unit garden-style apartment community built was built in 2001, and is located in the flourishing west/southwest area of Las Vegas, within four miles of Downtown Summerlin. Kislak completed exterior painting and upgraded the clubhouse, fitness center and pool deck, while also making interior upgrades in units throughout the property.
“Kislak has been an owner/operator in Las Vegas since the 1990s,” said Bartelmo. “We continue to look at new deals and opportunities in this exciting market as we grow and enhance our multifamily portfolio.”