The company’s footprint now comprises a total of 640 units in the metro.
SB Real Estate Partners has purchased Brownstone Apartments, a 143-unit luxury residential community in Las Vegas’ Centennial Hills submarket, for $42 million. The former owner was Fore Property Co., according to Yardi Matrix information. Berkadia brokered the deal for both the buyer and the seller.
The property will be rebranded as Portola Centennial Hills. This is SB Real Estate’s third multifamily property in the Las Vegas market, bringing the company’s footprint to a total of 640 units.
The upscale community came online in 2022 at 7531 Tule Springs Road, on a 6-acre site. The property consists of nine three-story buildings enclosing units with one- to three-bedroom layouts ranging in size from 693 to 1,233 square feet, the same data provider shows. Shared amenities include a clubhouse, a pool, barbecue areas, a fitness center and tuck-under garages.
The Berkadia team involved in the sale included Senior Managing Directors John Cunningham and Charles Steele, as well as Senior Director Jared Glover. Berkadia ranked fourth on Multi-Housing News‘ annual Top Mortgage Banking and Brokerage Firms list, with a multifamily origination volume reaching $18.3 billion, following Newmark, CBRE and Walker & Dunlop.
The Las Vegas multifamily market
Portola Centennial Hills is adjacent to The Village of Centennial Springs shopping mall, as well as near Interstate 11. Downtown Las Vegas is within 17 miles southeast of the property. The area within a 3-mile radius of the apartment community boasts an average household income of $112,000.
The Las Vegas multifamily market posted negative year-over-year rent growth at 0.1 percent in February, below the national 1.2 percent figure, according to a recent Yardi Matrix report. That same month, completions in the metro accounted for 3.3 percent of the total stock.