Dreamwork Management, Inc. purchased the Racquet Club Garden Apartments at 98 S. Martin L. King Blvd in Las Vegas, NV from Farmers & Merchants Bank of Long Beach for $4.725 million, or about $18,000 per unit, in an REO sale.
Built in 1979, the 187,816-square-foot multifamily building is situated on 13.6 acres zoned R-5. Amenities at the apartment complex include a clubhouse, laundry facilities, playground, pool, spa and tennis courts. The 264 units are comprised of 72 studios, 96 one-bedroom, 72 two-bedroom and 24 three-bedroom apartments.
Both the buyers and sellers were self-represented in the sale.
Please see CoStar COMPS #2489741 for more information on this transaction.