Amenity-rich apartments sell in desert

Grubb & Ellis/Las Vegas and Grubb & Ellis/BRE Commercial San Diego jointly announced the sale of Mountain Springs Apartments in Las Vegas, Nev. The sale was valued at $36.8 million. The Grubb & Ellis offices represented the seller, Mountain Springs Apartments Las Vegas LLC, in its disposition to an unidentified buyer. The 352-unit, 308,096-square-foot complex, located at 1701 Rock Springs Drive, sits on more than 15 acres, and is less than 10 minutes northwest of the Las Vegas Strip. Mountain Springs has 29 buildings with a unit mix that includes: 176 one-bedroom, one-bath (720 square feet); 160 two-bedroom, two-bath (half of which are 960 square feet, the other half are 1,065 square feet); and 16 three-bedroom, two-bath (1,211 square feet). Most of the units feature washer/dryers, private patios and balconies, and full kitchen appliances. The complex also offers tenants a variety of common-area amenities. These include two pools and two heated spas, fitness center and lig...