Las Vegas apartments sell for $12M

Unit upgrades planned

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Marcus & Millichap arranged the sale of the 124-unit Santa Fe Shadows apartment property in Las Vegas. The sales price of $12 million represents a price of $97,000 per unit. Located at 1111 Warbonnet Way, the 4.7-acre complex features a mix of one- and two-bedroom units. Completed in 1989, the apartment asset has 12 two-story buildings and a number of amenities, including a resort-style pool/spa, as well as a clubhouse. Jung Family Trust sold the property to Santa Fe 124 LLC, which plans to reposition the asset by implementing several capital improvements, including new exterior paint, clubhouse renovations and interior upgrades to each unit. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide. ...