SOURCE: Cushman & Wakefield/Commerce

Cushman & Wakefield/Commerce

November 29, 2016 10:00 ET

Cushman & Wakefield Commerce Las Vegas Negotiates Portfolio Apartment Sale for Chinese Firm

LAS VEGAS, NV--(Marketwired - Nov 29, 2016) - The Las Vegas office of Cushman & Wakefield Commerce announced that the team of Carl and Taylor Sims have negotiated the sale of the apartment portion of a three-property, multi-state portfolio sale in Las Vegas for $41,500,000. The team represented the seller, a global corporation based in China. The buyer was a subsidiary of Angelo, Gordon & Co. of New York, NY.

"The Las Vegas market has seen a large amount of portfolio sales this year, and if it continues through the end of the quarter, it could spell a record year in terms of sales volume," said Taylor Sims, director of multi-family investment sales for the Cushman & Wakefield Commerce Las Vegas office. "We are honored that a company of such magnitude enlisted our team. Since most portfolio sales are contained to one market, or asset type, this cross-platform portfolio was an exciting deal to work on, as it was multi-state AND included multiple asset types including two multi-family properties and an office building in Arizona. The global presence of Cushman & Wakefield was a significant factor in the successful completion of this transaction, as our client wanted a team that could handle the complexities of the entire multi-property transaction."

The multi-family properties included:

  • Gloria Park Villas, a 240-unit property located at 3625 S Decatur Blvd. was built in 1993 and sold for $19,920,000. Amenities include a gated community, gas BBQ`s with seating, mini-storage units, private garages, a 24-hour fitness center and a clubhouse with a movie theater.
  • Tower at Tropicana, 260-unit property at 6575 West Tropicana Ave, was built in 1990 and sold for $21,580,000. This property is also in a gated community and includes a 24-hour fitness center, gas BBQ`s with seating and a clubhouse with a movie theater.

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About Cushman & Wakefield Commerce
Cushman & Wakefield Commerce operates the Cushman & Wakefield business in Nevada, Utah and Washington. As part of the Cushman & Wakefield global platform, the firm offers innovative commercial real estate solutions to occupier and investor clients, offering transaction services, capital markets services, occupier and investor services, and real estate advisory. With nearly 300 employees, 9 million sq. ft. of property management and transaction value of more than $2.8 billion, the firm is a leading commercial real estate resource in the Intermountain West region and Pacific Northwest. Learn more at www.comre.com.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm's 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

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