Northmarq announces sale of St. Lucia apartments in supply constrained Las Vegas submarket

LAS VEGAS (July 31, 2024) — Northmarq’s Las Vegas Multifamily Investment Sales team of Thomas Olivetti and Taylor Sims successfully brokered the sale of St. Lucia apartments located at 2150 North Tenaya Way in Las Vegas. The multifamily community was built in 1990 and features 440 units near Summerlin, one of the most sought-after submarkets in Las Vegas.

Northmarq represented the seller, a national multifamily owner and operator. The buyer was Fairfield Residential.

“St. Lucia was marketed as part of a 1,242-unit, four-property portfolio, and the other three assets are scheduled to close once the loan assumption approval process is completed,” said Olivetti.

St. Lucia offers an attractive unit mix of one-, two- and three-bedroom floorplans, with 288 newly renovated units, featuring new cabinet faces, resurfaced countertops, new hardware, upgraded flooring, stainless steel appliances and a lighting package. The garden-style apartment complex offers residents many community amenities, including two resort-style pools, a renovated fitness center, dog park and more, and walkability to nearby retail and shopping at Whole Foods, Sprouts Market and Barnes & Noble.

As the Las Vegas MSA produces a limited supply of multifamily properties, St. Lucia is poised to capitalize on the supply constrained market and outperform the greater market in occupancy and rent growth over the next few years.