Spanish Oaks sells in the desert

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Marcus & Millichap arranged the sale of the 216-unit Spanish Oaks Apartments in Las Vegas, Nev. The value of the transaction was approximately $13.2 million. Spanish Oaks Apartments is located at 2301 S. Valley View near the Strip in Las Vegas. The property was constructed in 1976 with 154,800 rentable square feet on approximately 8.5 acres. The buyer plans to reposition the property with substantial exterior renovations and has contracted with Stout Management to manage day-to-day operations of the community. Spanish Oaks' unit mix is comprised of 144 one-bedroom and 72 two-bedroom apartments, ranging in size from 637 to 820 square feet. At the time of sale, occupancy was 98 percent. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....