A joint venture between Southern California-based companies has purchased Club at Desert Pines, a 409-unit multifamily apartment community in Las Vegas, Nev.
The value of the transaction was not disclosed.
The venture, PMHE LLC, is an arrangement between San Diego-based Paragon Management Co. and MHE, a Los Angeles-based real estate investment company.
The Club at Desert Pines was built in 1990 and features amenities such as an island pool, soothing spa, reserved covered parking and a newly remodeled clubhouse. It also features a gated entry, playground area, barbecue areas and 24-hour maintenance.
Commenting on the transaction, Ricardo Jinich, Paragon principal and co-founder, said “The City of Las Vegas continues to experience job and population growth and improving fundamentals for multifamily investments. The sharp increase in interest rates and the boom in house prices benefits a strong rental market. The Club at Desert Pines is a quality community that complements our current Las Vegas multifamily portfolio and offers attractive returns to our investors.”