LAS VEGAS, NV - Atlanta-headquartered ARA, the largest privately held, full-service investment advisory brokerage firm in the nation focusing exclusively on the multihousing industry, is pleased to announce the sale of Whispering Sands Manufactured Home Community in Las Vegas, Nevada.
ARA National Manufactured Housing Group’s Andrew Shih and Brian Vita (based in Austin, TX) and Todd Fletcher and Jon Shay (based in Denver, CO), represented the seller, John Mitchell with Special Servicer LNR Partners, in the transaction. The property was sold through Auction.com to a private owner/ operator attracted to the management turnaround potential.
“It was a rare opportunity to acquire a well maintained, age restricted community on public utilities with a central location in fabulous Las Vegas,” said Shih.
“The activity from investors was significant, and shows that even older communities still experience very high demand from buyers when they have attractive, in-fill locations in desirable markets,” said Fletcher.
Constructed in 1963, Whispering Sands is conveniently located less than 5 miles from downtown Las Vegas, internationally renowned for its gambling, shopping, fine dining, and nightlife. The community is in close proximity to some of the area’s major retail destinations including the Las Vegas Premium Outlets – North, as well as numerous attractions and golf courses including the Las Vegas Natural History Museum and the Desert Pines Golf Club. The residents of Whispering Sands enjoy easy access to several major thoroughfares such as Interstate 515, Charleston Blvd., and Fremont St., which leads to the original Downtown Las Vegas Casinos. The community also features mature landscaping and trees providing a peaceful respite for residents.
To schedule an interview with an ARA executive or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Allison Blount at ablount@arausa.com, 512.637.1229.
About ARA
Atlanta-headquartered ARA is the largest privately held, full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $10.2 billion in real estate transactions in 2013. For detailed information on ARA’s extensive multihousing investment services, visit www.arausa.com.