Emerald Park Apartment Homes
Westland Emerald Park LLC acquired Emerald Park Apartment Homes, a 300-unit community in Las Vegas, for $18.5 million. The company paid $95 per square foot, a 5.5 percent cap rate. Berkadia marketed the property on behalf of the seller, Emerald Partners LP. The firm also recently completed the sale of Metro 102 Apartments, an affordable apartment community in Southern California.
Located at 4545 Pennwood Ave., the property sits on 12 acres and is five minutes north of the construction site for the Las Vegas Raiders’ new NFL stadium. Interstate 15 is also easily accessible. Built in 1978, the asset features studio, one- and two-bedroom units at an average of 650 square feet. The units feature an air conditioner, dishwasher and refrigerator.
Community amenities include:
barbecue and picnic area clubhouse courtyard laundry facilities parking playground swimming pool 300 parking spaces
Angela Powers and Brian Anderson, senior directors at Berkadia, arranged the sale on behalf of Emerald Partners LP.
Image courtesy of Yardi Matrix