LAS VEGAS, Dec 14, 2021 / PRNewswire / – CWCapital Asset Management LLC (“CWCapital”), a diversified real estate investment firm, today announced the sale of The Milo and Sunrise Springs, two multi-family communities in Las Vegas, to Tides Equities for a total of $ 69.5 million. CWCapital acquired the communities in June 2019 and December 2018, and the sale follows an extensive capital improvement program carried out on both properties to upgrade community facilities, upgrade interior decor, and improve overall curb appeal to meet the standards of the area’s growing population.
Located in Las Vegas’ Boulder Highway Corridor, the communities are central to the nearby employment and entertainment opportunities. The lots border Interstate 515 and easily connect residents with it Downtown Las Vegas and neighboring hubs including Henderson and Summerlin. New projects and developments have resulted in significant employment growth in the area, including a new Google data center offering both construction and technology jobs, the addition of Amazon fulfillment centers adding more than 1,000 jobs to the area, and the development of the MSG Sphere Arena, which is expected to create 4,400 permanent jobs. Hospitality residents will benefit from the property’s proximity to major hotels and casinos, including Boulder Station Casino, Sam’s Town Casino, and the Eastside Cannery.
“Las Vegas continues to see an influx of new residents looking for conveniently located and affordable housing, “said Regina Lubin, Chief Investment Officer, CWCapital. “As we acquired these communities, we saw a significant opportunity to reposition these assets and improve them to meet current market demand. We look forward to seizing similar opportunities in high-growth markets to generate strong returns on ours Achieve investment. ”
Built in 1990, The Milo is located at 850 Mountain Vista Street and has 152 units. Following the acquisition, CWCapital undertook a full renovation of the property’s clubhouse and fitness center and improved the landscaping of the property. CWCapital also renovated 81 indoor units to update equipment and add value to the finishes, including resurfacing the countertops and adding vinyl plank floors and new Shaker cabinets and doors. Residents enjoy additional amenities such as a barbecue area, pool and spa, and a covered playground.
Nearby is Sunrise Springs at 4455 East Twain Avenue. The property, built in 1989, has 192 residential units. CWCapital renovated 107 units to upgrade hardware and finishes, including new floors, surface renovations, and new appliances. The property also features barbecue facilities, an outdoor swimming pool and a playground.
About CWCapital Asset Management LLC
CWCapital is a diversified real estate investment management company. Since the investment team’s inception in 2013, CWCapital has owned over 30 properties and bad loans totaling. invested $ 1.3 billion across multi-family, office, industrial, retail, and hospitality real estate in secondary and tertiary markets in the United States. Our team of commercial real estate professionals leverages decades of experience to deliver high returns and is focused on making value-adding and opportunistic investments in $ 10–$ 75 million. With integrity and attention to detail, we build real values and relationships.
SOURCE CWCapital Asset Management