The Edmond at Hacienda, a 170-unit community in Las Vegas, changed hands for $ 40.7 million. The seller was TruAmerica Multifamily, according to Yardi Matrix data. Sauter Multifamily Group at Avison Young represented the company.
Previously dubbed The Willows at Spring Valley Ranch, the asset was last traded in 2017 when TruAmerica acquired it from the Aukum Group for $ 24 million, according to the same data provider.
Located at 5280 W. Hacienda Ave., The Edmond at Hacienda was built in 1998. Featuring a mix of one to three bedroom units, the community comprises 16 two-story buildings. Facilities include a fitness center, club house, two swimming pools, two spas and a dog park.
The property is close to a variety of restaurants, shops, and entertainment venues, with McCarran International Airport approximately three miles to the southeast. The brokerage team included Patrick Sauter, Art Carll-Tangora and Steve Nosrat.
According to a recent Yardi Matrix report on the Las Vegas multi-family sector, the market‘s proximity to California subways and its relatively affordable status have helped it meet the challenges of the pandemic. Continued immigration has also resulted in increased demand and increased occupancy rates in stabilized properties.
While trading activity has weakened due to economic volatility over the past year, several factors point to a promising outlook. The long-awaited opening of Resorts World Las Vegas and other casinos, as well as venues hosting trade shows and leisure activities, is expected to have a positive impact on one of the mainstays of the metro, the entertainment industry.