REIT sells Las Vegas apartments

Hamilton Zanze snaps up 212 units

Marcus & Millichap arranged the sale of the class B, 212-unit Cypress Point apartment complex in Las Vegas. The value of the transaction was approximately $13.9 million. Equity Residential, a Chicago-based REIT, sold the property to San Francisco-based Hamilton Zanze & Co. Cypress Point Apartments is located on the southwest side of Las Vegas. The community was constructed in 1989 on 8.8 extensively landscaped acres. The property's unit mix includes 92 one-bedroom/one-bath units of 720 square feet; 60 two-bedroom/two-bath units of 970 square feet; and 60 two-bedroom/two-bath apartments of 1,100 square feet. At the time of sale, occupancy was 90 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** Send a Letter to the Editor for publication.Send a comment or news tip to our newsroom. Please include the headline of the story....