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Promenade at Sahara Apt. Complex Sells for $23.3M in Las Vegas

29th Street Capital Acquires 312-Unit Garden-Style Community
February 20, 2018
29th Street Capital (29SC), a vertically integrated company founded in 2009, acquired the 312-unit Promenade at Sahara apartment complex in Las Vegas from Prime Group for $23.3 million, or about $75,000 per unit.

Promenade at Sahara is situated approximately six miles east of the Las Vegas Strip at 4801 E. Sahara Ave. The garden-style community is 95 percent occupied and comprises one-, two- and three-bedroom units in 12, two-story buildings.

29SC plans to implement a $2.2 million capital improvement program to renovate unit interiors, enhance the property’s exterior and curb appeal and improve the amenity package, according to their release. It acquired 16 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S.

Taylor Sims of Cushman & Wakefield represented the seller, which acquired Promenade at Sahara in October 2004 for $15.8 million, or approximately $51,000 per unit, according to CoStar’s data.

Please see CoStar COMPS #4111418 for more information on this transaction.
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