Acquires Alicante Villa Apartments, Value Added Investment Opportunity
November 18, 2014
Miami Lakes, Fla., and Las Vegas, Nev. – The Kislak Organization, a national real estate investment firm headquartered in Miami Lakes, Florida, has acquired Alicante Villa Apartments in Las Vegas, Nevada, for $29.3 million.
“We are pleased to be part of the renewed and exciting growth taking place in Las Vegas,” said Thomas Bartelmo, president and CEO of the Kislak Organization. “We have been watching the market very closely and our team moved quickly to acquire Alicante Villa Apartments. We are continuing to look for opportunities to expand our presence in this dynamic city.”
Jeffrey Swinger and Spencer Ballif of CBRE, Inc., represented the seller, Alicante Villa Apartments, LLC, and the buyer in the transaction. The financing was arranged by Andrew M. Behrens, vice chairman with the Debt and Structured Finance Institutional Group of CBRE Capital Markets, who originated the loan through Freddie Mac.
An appealing 232-unit garden-style apartment community built in 2001, Alicante Villa Apartments offers residents high-quality comforts and convenience, plus beautiful mountain views and an inviting courtyard. Its spacious one- two- and three-bedroom apartment homes feature large kitchens and walk-in closets. Community amenities include a pool, spa, fitness center, BBQ area, business center and controlled access gate. Kislak’s enhancement plans call for upgrades of the unit interiors, clubhouse, amenities and exterior.
Alicante Villa Apartments is located in the flourishing west/southwest area of Las Vegas, and offers easy access to retail and restaurant options, as well as to major employment centers. It is within four miles of Downtown Summerlin, a1.6 million-square-foot fashion, dining and entertainment center, which opened just last month.
With this acquisition, the Kislak portfolio now includes two multifamily communities in Las Vegas, and more than 2,500 units in properties nationwide.
Backed by more than a century of real estate experience, the Kislak Organization has established an impressive track record of successfully acquiring, repositioning and managing multifamily properties. Attention to detail and commitment to excellence are cornerstones of the organization, which is known for efficient and effective property management and oversight, and for its wealth of knowledge and expertise.
“Our focus is on enhancing the value of our communities for our investors and our residents,” Bartelmo said. “It really is all about long-term success, enduring relationships and quality of life.”