Las Vegas apartments sold

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Marcus & Millichap arranged the sale of a Las Vegas apartment portfolio with a total of 1,259 units and a combined sales price of $82.5 million. The sale involved six individually parceled communities located near the Las Vegas Strip: The Spring Palms, Spring Oaks, Spring Meadows, Spring Gardens, Spring Woods and Spring Creeks. An undisclosed multifamily syndication group based in Anaheim, Calif., acquired the asset and engaged the local services of Stout Management to oversee day-to-day operations. The class C properties had occupancy rates above 97 percent at the time of sale. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to