Griffin Capital Sells $98M Las Vegas Community
March 10, 2022 | Olivia Bunescu | Multi-Housing News
Logan Capital Advisors has acquired South Beach Apartments, a 220-unit property in the Summerlin/Spring Valley area of Las Vegas, for $97.5 million.
CBRE Capital Markets originated a $49.7 million Freddie Mac loan for the financing of the acquisition, Yardi Matrix shows. Cushman & Wakefield worked on behalf of the seller, Griffin Capital, which previously bought the asset in 2018 for $62 million.
Completed in 2017, the community occupies 9.9 acres and comprises 14 buildings with one- and two-bedroom apartments, ranging from 680 to 1,380 square feet. The buildings offer loft and den options and private balconies and patios available in select units. Community amenities include a swimming pool, beach volleyball court, soccer field, half basketball court, yoga studio, pilates studio, fitness centers, dog park and a dog wash station.
Located at 8920 W. Russell Road, South Beach Apartments is close to several retail stores and dining options. Interstate 215 is within 2 miles of the property, connecting it to Interstate 15 and downtown Las Vegas.
The community marks the firm’s third acquisition in Las Vegas in the past four years. Currently, its portfolio holds 22 properties, totaling roughly 4,000 units across four states. Last year, Logan Capital Advisors sold Reche Ridge and 1333 Canyon, a 214-unit portfolio in Colton, Calif., for $41 million.
