July 13, 2007

Las Vegas -- Marcus & Millichap Real Estate Investment Services has arranged the sale of Loma Vista, a 402-unit apartment complex in Las Vegas.

The sales price of the community was $42.3 million, and represents roughly $105,000 per unit. Michael Shaffner, senior associate in the Las Vegas office of Marcus & Millichap, and Peter Katz, a vice president of investments in the firm's Phoenix office, represented the seller, American Capital Group, in its third disposition of a four-property portfolio sale that includes assets in Nevada, Arizona and California.

The buyer, National Commercial Ventures/CVI, evaluated the opportunity as a core asset acquisition with a value-added feature through management.

"Loma Vista offers the investor a value-added, larger infill asset constructed in the late 1990s," says Katz. "Following an infusion of capital for interior renovations, this asset can be repositioned, thus providing the buyer a strong, stabilized, single-digit cash flow and double-digit leveraged yields over a five- to seven-year hold in the mid-teens."

Shaffner added that with a modest pace of shadow unit burn-off, significant in-migration and job creation, Las Vegas continues to support a healthy local economy and is expected to continue to prosper.

Located at 1200 West Cheyenne Ave., Loma Vista is situated on 22.18 acres, just north of I-15. Built in 1998, the complex consists of one-, two- and three-bedroom units as well as optional garages, resort-style pool, spa, state-of-the-art fitness center, basketball courts and a controlled-access entry.