Marcus & Millichap arranged the sale of Horizon Bluffs Apartment Homes in Henderson, Nev. The property will be converted to condominiums and renamed Big Horn at Black Mountain.

The value of the transaction was $47.5 million.

Built in 1998, the community is located at 231 W. Horizon Ridge. The current unit mix includes 176 one-bedroom/one-bath units, 188 two-bedroom/two-bath apartments and 16 three-bedroom/two-bath floor plans. The property totals 350,516 rentable square feet and features 84 garages.

Marcus & Millichap represented the buyer in the transaction, Sovereign Capital Management. CB Richard Ellis represented the seller, Acquiport Horizon Bluffs Inc.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

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