July 12, 2019
Denver-based Continental Realty Advisors Ltd. and San Francisco-based The Roxborough Group, LLC, through an affiliate of Roxborough Fund I, L.P., sold a three-community portfolio comprised of 1,194 units in Las Vegas for $137.5 million. The buyer was undisclosed.
Continental Realty Advisors’ David Snyder says, “The business plan hinged on stabilizing what was perceived at the time of acquisition to be underperforming properties. This was achieved with strategic oversight, upgrades to the community common areas and amenities, as well as light value-add unit enhancements to appeal to the demographics of each location.”
The portfolio included the 440-unit Stonegate Apartments constructed in 1990/91, 402-unit Loma Vista Apartments constructed in 1998, and 352-unit Viridian Palms (formerly Stonegate West, pictured) built in 1990.
CBRE’s Spence Ballif brokered the deal.