REIT sells Las Vegas apartments
Hamilton Zanze snaps up 212 units
By Inman News, Tuesday, January 13, 2004.Inman News®
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.
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