Two large apartment complexes in Henderson, Nevada, sell for 150 million dollars

With a very uncertain real estate market throughout the Las Vegas Valley, especially in single-family homes, an interesting transaction has taken place in recent days. It has been revealed that two major apartment complexes in Henderson, an important city in Clark County, have been sold.

According to Clark County property records, one of the housing complexes referred to is the 347-unit Alta NV complex, which sold for 90.7 million dollars. This is a luxury property covering nearly 16 acres, located near MacDonald Highlands and Green Valley Ranch Resort on Wigwam Parkway.

The real estate firm Northmarq was involved in the sale of this housing complex. The firm did not disclose the seller’s identity, but records indicate it was Henderson Apartment Venture LLC, based in Des Moines, Iowa. The buyers are MC Companies, a private real estate firm from Scottsdale, Arizona.

Alta NV is a multifamily housing project that includes office spaces, a swimming pool, a gym, an outdoor entertainment area, a dog park, a bar, a golf simulator lounge, and an outdoor rooftop deck, amenities that make it a great investment for its new owners.

The second Henderson apartment complex mentioned in the news is Tesoro Ranch, a complex with around 400 units that sold for 61.6 million dollars. The seller and now former owner was Tesoro Ranch Fee Owner LLC, based in Los Angeles. According to LoopNet, a major agency providing property listings for sale, the complex covers 22 acres across three parcels and includes a pool, a gym, a business center, and a clubhouse.

In contrast to this news, a recent report reveals that today in the Las Vegas Valley, there are a large number of properties facing foreclosure risk, in line with the national situation. It is estimated that around 20 percent of loans on apartment properties across the country could default, putting them at high risk of foreclosure, which in turn could lead to more projects changing owners.

One of the main causes of this phenomenon is believed to be variable-rate financing during the COVID-19 pandemic era, pushing apartment complex owners in the state of Nevada into difficult financial situations, mainly in the Las Vegas Valley, which has approximately 232,751 multifamily units.

Jeffrey Swinger, executive vice president of multifamily investment sales at Colliers International in Las Vegas, said in an interview with a major local media outlet: “That low-cost financing during the pandemic era is now worrying many projects, as starting in 2021, many lenders in the multifamily market offered short-term floating rate loans due to zero interest rates. Fast forward to today, and these loans are maturing at current interest rates, which is overwhelming them.”

Available Foreclosures: 

Henderson: 5 homes available 

Las Vegas: 12 homes available