LAS VEGAS, NEVADA (June 12, 2018) – The Estates at Westernaire Apartments, located at 3975 North Nellis Boulevard in Las Vegas, Nevada sold yesterday for $29,900,000 ($88,988 per unit).
Thomas Olivetti of NorthMarq Multifamily Nevada in Las Vegas and Trevor Koskovich, Bill Hahn, and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and the buyer in the transaction.
Bridge WF NV Estates at Westernaire, LLC, an entity formed by Bridge Investment Group, out of Salt Lake City, Utah was the buyer. Bridge Investment Group is a leading privately held real estate investment and property management firm that manages $10+ billion in assets.
“Estates at Westernaire is one of the highest quality, value-add multifamily assets in the Northeast Las Vegas submarket,” says Olivetti, “Workforce housing is in high demand and there is a significant amount of industrial development in the area.”
The apartment community, built in 1995, comprises 42 buildings with 335,808 square feet of space situated on 15.77 acres. It is a blend of 14 percent 1-bedroom units, 57 percent 2-bedroom units, and 29 percent 3-bedroom units.
The community is located on the west side of Nellis Road just south of Las Vegas Boulevard. Estates at Westernaire is close-by major employers and points of interest including the Nellis Air Force Base immediately east of the property employing over 13,000 people. North Las Vegas has recently seen a surge of capital invested into developing large industrial spaces such as The Apex Industrial Park, home to the second Amazon fulfillment center in the city. In addition, the property is just minutes away from the famous Las Vegas Strip.
Westernaire Partners, LLC, an entity formed by Milton Mabry, Jr. of Mabry Management Company and Richard Scandaliato of RKM Capital out of Torrence, California, was the seller. Mabry Management is a property management company that services a portfolio of over 3,000 units of apartments and office/commercial in Los Angeles and Orange County. RKM Capital is a commercial real estate advisory company that develops and executes financial structures that enhance value to clients’ assets.