LAS VEGAS, NV, October 24, 2013 /24-7PressRelease/ -- Senior leadership at Coldwell Banker Premier Realty announces the sale of Inspirado Apartments to private investors, Mystic Sands LLC. Inspirado, a 252 unit apartment home community completed in 2011, which sold for $28,700,000, represents one of the larger transactions that took place in the Las Vegas Valley in 2013.---
"Inspirado was a great opportunity for an investor to acquire a low vacancy, newer project in a growing submarket, near several major employment centers", said Brian Krueger, Senior Vice President with Coldwell Banker Premier's Strategic Services Division, whose team represented the seller and the buyer.
Newer, Class A properties in Las Vegas are typically outperforming other assets in the sector. Investors have also had access to very reasonably priced capital for use in this sector. Inspirado is located in the Northwest submarket of the Las Vegas Valley.
High quality real estate assets continue to be favored by institutions and professional investors and Class A multifamily remains a sought after property class. Many demographic trends are favorable to the rental market as echo boomers often enter the housing market as renters, many into apartments. Multifamily is in a position to benefit from declining homeownership rates that have been artificially supported during the housing bubble and can benefit quickly from an improving economy due to the short-term nature of most leases.
In the Las Vegas market, several data points, including driver's license surrenders and surveys of household moves, suggest positive migration to the region, supporting multifamily occupancies. Contrary to several major metropolitan areas where rents have already returned to peak prices and vacancies are already below long-term averages, there is likely room for investors to capitalize on possible improvements in the economic picture of the Las Vegas region. In addition, new deliveries of multifamily units have been restrained for an extended period and many multifamily developers are competing for land with single family homebuilders.
About Coldwell Banker Premier Realty
Coldwell Banker Premier Realty is ranked number 8 out of more than 1,200 Coldwell Banker companies nationwide. There are three offices in Southern Nevada (Summerlin, Henderson and Centennial Hills) and presently over 250 agent affiliates. For more information, contact Brian Krueger at 702-939-5128, email at Brian.Krueger@cbvegas.com or visit their website at http://www.LasVegasHomes.com.
Coldwell Banker Premier Realty is a service-driven, highly productive team of professional sales and support people. We are dedicated to consistently providing superior real estate brokerage and related services, setting the industry standard of value and excellence.
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