LAS VEGAS, September 30, 2019 – On behalf of CALCAP Asset Management, Cushman & Wakefield completed the sale of City View Apartments to a local multifamily owner for $13 million.
Taylor Sims and Carl Sims of Cushman & Wakefield represented the seller in the transaction. Taylor stated, “The influx of capital into the Chinatown submarket made this opportunity very attractive to many prospective buyers. The recently constructed Shanghai Plaza and Greenleaf Lotus Apartments really set the tone for the direction that this pocket is headed, and we’re confident that City View Apartments is poised to take advantage of the shift.”
City View Apartments, a garden-style 112-unit apartment complex located at 3355 Arville Street, is located in the West-Central submarket of Las Vegas. Constructed in 1977, the two-story community offers one- and two-bedroom floor plans, common areas, a pool and a lightly renovated clubhouse. The property recently underwent a light interior improvement plan. Renovations included countertops, appliances, baseboard, paint and hardware.
Located less than 1.5 miles from the Las Vegas Strip, near the Chinatown submarket, City View Apartments is in a strong infill location surrounded by major employment hubs and transportation. The West-Central pocket of Las Vegas has a large renter base and is receiving development interest from luxury multifamily developers due to the strong metrics of the area.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.