LAS VEGAS (December 12, 2022) – Northmarq’s Las Vegas and Phoenix Investment Sales team of Thomas Olivetti, Trevor Koskovich, Jesse Hudson, and Ryan Boyle brokered the sale of Sutton Place, a 228-unit, garden-style community located at 5400 W. Cheyenne Avenue in Las Vegas, Nevada. Sunstone Properties Trust from West Lake Village, California purchased the complex for $37 million ($162,281/unit). Northmarq’s Investment Sales team brokered the transaction for the seller, Bridge Investment Group from Salt Lake City.
“Sutton Place is a well-maintained, value-add asset with plenty of upside remaining,” said Olivetti, managing director in Northmarq’s Las Vegas office. “This purchase marks Sunstone’s entrance into the Las Vegas marketplace.”
Built in 1986, the seller recently invested $2.8 million in capital addressing physical building improvements, enhancing the community amenity set and addressing deferred maintenance at Sutton Place. The interior improvements included full upgrades to 28 percent of the units and partial upgrades to 29 percent of the units, including upgrades to kitchens and bathrooms, new lighting, flooring and paint and washers and dryers installed in four of the units. Upgrades to community amenities at Sutton Place included a remodeled leasing office, fitness center, playground and soccer field, barbeque and picnic areas and laundry facilities. Deferred maintenance and exterior upgrades included paint and wood repair, asphalt, lighting, HVAC, landscaping, pool/deck furniture and new balcony railings throughout the property.
Sutton Place has one- and two-bedroom units that range in size from 650 to 927 sq. ft. and was 93 percent leased at the time of sale. Sutton Place is located in the Northwest submarket of Las Vegas, six miles from downtown. The market continues to experience unprecedented job growth, including new data centers, high tech manufacturing and healthcare service providers, and major economic drivers that are fueling the demand for multifamily housing in the community.